Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.007%

Price spread now: Nado against Backpack−0.086%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.325%+$33 · spread now −0.086%, 7d avg −0.018%

Together, before fees+0.345%+ Points / potential airdropNado: Active · farm board+$35 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: Nado is 0.069% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4517	0.0100	pay 0.0013% / 1h	39m 11s	$195K	$970K	15x
Short	Nado ONDO-PERP	0.4513	0.0100	get 0.0012% / 1h	39m 11s	$426K	$674K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.086%Rate

Funding earned: $0
Price spread: −0.086% → −0.018%: −$6.86
Slippage, 4 orders: −$18.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$42.09
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Backpack: live order book, 49 min ago; Nado: live order book, 49 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, 49 min ago	1.89 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 49 min ago	0.78 bp	7.0 bp −$7	23.1 bp −$231	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
Kraken Futures PF_ONDOUSD	−0.1126%	1h	0.4518	+0.019%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4518	+0.013%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4519	+0.025%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	+0.142%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.245%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4518	+0.013%	$25K	$8K	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4513	−0.086%	$426K	$674K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4519	+0.035%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4516	−0.039%	$66.5M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4517	−0.009%	$73.3M	$117.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	−0.031%	$17.7M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.093%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4512	−0.113%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4515	−0.053%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4516	−0.031%	$47.6M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4516	−0.031%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4517	−0.009%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4516	−0.031%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4517	long leg	$195K	$970K	15x
Variational Omni ONDO	+0.0100%	4h	0.4520	+0.047%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4522	+0.102%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	+0.123%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	+0.080%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4519	+0.031%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.053%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4517	−0.009%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4520	+0.058%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4516	−0.031%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4513	−0.093%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4517	−0.015%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4520	+0.058%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0113%	1h	0.4521	+0.078%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.279%	$304K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4515	−0.053%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4516	−0.022%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0480%	1h	0.4526	+0.182%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4518	+0.023%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4519	+0.046%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0514%	1h	0.4520	+0.055%	$256K	$117K	5x	as long as short