Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.002%

Price spread now: GRVT against Backpack+0.040%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$460.461% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.392%+$39 · spread now +0.040%, 7d avg −0.031%

Together, before fees+0.388%+ Points / potential airdropGRVT: Active · farm board+$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.071% dearer against Backpack than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.031%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.004% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4436	0.0216	pay 0.0027% / 1h	19m 10s	$193K	$979K	15x
Short	GRVT ONDO_USDT_Perp	0.4437	0.0100	get 0.0050% / 4h	1h 19m	$411K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee GRVTbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$24.28
Price spread: +0.040% → −0.031%: $7.13
Slippage, 4 orders: −$27.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$63.23
Costs to cover: 0.461%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; GRVT: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 50 min ago	1.94 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	3.38 bp	15.1 bp −$15	71.0 bp −$710	doesn't fit	doesn't fit

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ONDO-USD	+0.0001%	1h	0.4435	−0.009%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4437	+0.032%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.983%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4438	+0.046%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4436	+0.007%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4438	+0.052%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4439	+0.073%	$64.4M	$225.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4437	+0.029%	$70.3M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4439	+0.074%	$17.2M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.248%	$73K	$88K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4437	+0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4436	+0.007%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4438	+0.052%	$47.1M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4436	+0.007%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4439	+0.074%	$25.4M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4439	+0.074%	—	$761K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	+0.112%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4442	+0.140%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4437	+0.040%	$411K	$1.0M	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.165%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4440	+0.101%	$69K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4439	+0.074%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4439	+0.074%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4447	+0.255%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4437	+0.029%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4437	+0.037%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4438	+0.052%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4438	+0.047%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0161%	1h	0.4440	+0.101%	$38.5M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0185%	4h	0.4442	+0.134%	$714K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERPlong	+0.0216%	1h	0.4436	long leg	$193K	$979K	15x
Phoenix ONDO	+0.0272%	1h	0.4441	+0.126%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4438	+0.052%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4441	+0.113%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4447	+0.255%	$282K	$730K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0426%	1h	0.4439	+0.074%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4437	+0.020%	$489K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4446	+0.239%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4440	+0.099%	$2K	—	20x	as long as short