Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.001%

Price spread now: OKX against Backpack−0.139%46s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.380% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now −0.139%, 7d avg −0.038%

Together, before fees+0.105%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.101% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.038%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4397	0.0166	pay 0.0021% / 1h	7m 15s	$196K	$996K	15x
Short	OKX ONDO-USDT-SWAP	0.4391	0.0100	get 0.0050% / 4h	2h 07m	$17.0M	$74.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$13.76
Price spread: −0.139% → −0.038%: −$10.05
Slippage, 4 orders: −$17.96
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$61.77
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	1.94 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.14 bp	9.9 bp −$10	23.5 bp −$235	232.5 bp −$23.3K	doesn't fit

ONDO on 38 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	−0.0364%	1h	0.4388	−0.200%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4395	−0.045%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4387	−0.230%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.887%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4388	−0.207%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4390	−0.150%	$379K	$840K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4392	−0.110%	$676K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4390	−0.151%	$63.7M	$228.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4389	−0.184%	$69.5M	$124.3M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4391	−0.139%	$17.0M	$74.1M	50x

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	+0.039%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4388	−0.218%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4387	−0.230%	$11.5M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4388	−0.207%	$46.4M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4388	−0.207%	$13.0M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4390	−0.161%	$25.0M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4389	−0.184%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	+0.014%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4383	−0.325%	$4K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4386	−0.262%	$404K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4378	−0.434%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4389	−0.184%	$90K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4390	−0.161%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4392	−0.116%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	+0.066%	$129K	$498K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4393	−0.087%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4389	−0.184%	$396K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4392	−0.119%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERPlong	+0.0166%	1h	0.4397	long leg	$196K	$996K	15x
Deribit ONDO_USDC-PERPETUAL	+0.0206%	1h	0.4389	−0.184%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0233%	1h	0.4390	−0.150%	$38.5M	$24.0M	10x	as long as short
Phemex ONDOUSDT	+0.0269%	4h	0.4389	−0.184%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.566%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4391	−0.146%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4392	−0.107%	$361	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0549% / S −0.0190%	1h	0.4386	−0.246%	$484K	—	100x	as long as short
Lighter ONDO	+0.0776%	1h	0.4396	−0.032%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4389	−0.179%	$2K	—	20x	as long as short