Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: MEXC against Backpack−0.039%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.039%, 7d avg −0.009%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.031% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4321	0.0100	pay 0.0013% / 1h	53m 02s	$177K	$993K	15x
Short	MEXC ONDO_USDT	0.4319	0.0100	get 0.0050% / 4h	53m 02s	$43.3M	$41.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.009%: −$3.05
Slippage, 4 orders: −$15.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$28.18
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; MEXC: live order book, 1 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, 56 min ago	1.84 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.16 bp	2.0 bp −$2	5.5 bp −$55	15.5 bp −$1,553	87.7 bp −$43.8K

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
Kraken Futures PF_ONDOUSD	−0.0176%	1h	0.4317	−0.085%	$2.5M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4318	−0.062%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	−0.087%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.724%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.069%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4322	+0.036%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4323	+0.053%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	+0.015%	$62.5M	$233.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4319	−0.039%	$67.8M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	+0.053%	$17.3M	$71.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4312	−0.197%	$71K	$80K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4321	+0.001%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4319	−0.039%	$12.7M	$15.8M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4319	−0.039%	$43.3M	$41.9M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4320	−0.016%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4320	−0.016%	$24.6M	$36.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4321	+0.007%	—	$768K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4321	long leg	$177K	$993K	15x
Variational Omni ONDO	+0.0100%	4h	0.4309	−0.278%	$727K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4320	−0.005%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4326	+0.131%	$398K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4320	−0.016%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	+0.028%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4316	−0.109%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4317	−0.086%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4319	−0.039%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4327	+0.146%	$128K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	−0.039%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4322	+0.025%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4316	−0.106%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4319	−0.039%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4322	+0.035%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4328	+0.169%	$214K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0289%	1h	0.4324	+0.079%	$36.4M	$27.1M	10x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4320	−0.016%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.016%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4317	−0.095%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4318	−0.070%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1598%	1h	0.4324	+0.083%	$243K	$156K	5x	as long as short