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% APRpaid last 24h −0.002%

Price spread now: Paradex against Backpack−0.038%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.038% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4523	0.0100	pay 0.0013% / 1h	35m 52s	$195K	$970K	15x
Short	Paradex ONDO-USD-PERP	0.4522	0.0100	get 0.0100% / 8h	2h 35m	$6K	$9	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0.02
Price spread: −0.038% → 0.000%: −$3.8
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$17.78
Costs to cover: 0.140%
Break-even: 5702.5 days

Slippage unknown: Backpack: live order book, 53 min ago; Paradex: no order-book sample. Net counts fees only.

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, 53 min ago	1.89 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1124%	1h	0.4523	−0.002%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	+0.038%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	−0.058%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.055%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.029%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.029%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	+0.054%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4525	+0.038%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4524	+0.007%	$66.5M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4524	+0.015%	$73.4M	$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	0.4523	−0.007%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.223%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4522	−0.023%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4522	−0.029%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4523	−0.007%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4523	−0.007%	$13.8M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4525	+0.038%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4524	+0.015%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4523	long leg	$195K	$970K	15x
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.084%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.117%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	−0.008%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	−0.051%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4525	+0.038%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4522	−0.029%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4523	−0.007%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	+0.170%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4520	−0.073%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERPshort	+0.0100%	8h	0.4522	−0.038%	$6K	$9	10x
Extended ONDO-USD	+0.0104%	1h	0.4522	−0.029%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	+0.038%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0149%	1h	0.4528	+0.095%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.237%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4530	+0.148%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4526	+0.060%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4531	+0.170%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	−0.056%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	+0.006%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9907%	1h	0.4528	+0.107%	$256K	$123K	5x	as long as short