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: Phemex against Backpack−0.049%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$19 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now −0.049%, 7d avg −0.011%

Together, before fees−0.295%−$29 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: Phemex is 0.038% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4515	0.0100	pay 0.0013% / 1h	52m 47s	$195K	$975K	15x
Short	Phemex ONDOUSDT	0.4513	0.0100	get 0.0050% / 4h	2h 52m	$4.8M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.011%: −$3.81
Slippage, 4 orders: −$51.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$77.41
Costs to cover: 0.736%
Break-even: never at this rate

Slippage from Backpack: live order book, 36 min ago; Phemex: live order book, 6 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, 36 min ago	1.89 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	12.10 bp	25.8 bp −$26	38.2 bp −$382	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	0.4515	+0.004%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4516	+0.018%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4514	−0.035%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.308%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.197%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4513	−0.049%	$25K	$8K	10x	as long as short
Variational Omni ONDO	+0.0099%	4h	0.4527	+0.272%	$801K	$2.0M	—	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4512	−0.071%	$430K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4514	−0.022%	$40.7M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4510	−0.115%	$753K	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4507	−0.177%	$66.4M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4506	−0.204%	$72.7M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	−0.248%	$17.7M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	−0.332%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4515	−0.002%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4506	−0.204%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	−0.204%	$47.8M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4509	−0.137%	$14.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4509	−0.137%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4505	−0.226%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4515	long leg	$195K	$975K	15x
edgeX ONDOUSDC	+0.0100%	4h	0.4529	+0.302%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4531	+0.339%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4526	+0.239%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4516	+0.020%	$76K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4514	−0.027%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	−0.027%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4528	+0.283%	$125K	$511K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4513	−0.049%	$4.8M	$6.2M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4512	−0.061%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4509	−0.136%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4514	−0.034%	$36K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.106%	$304K	$839K	50x	as long as short
Lighter ONDO	+0.0336%	1h	0.4514	−0.022%	$1.4M	$2.2M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	−0.071%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0584%	1h	0.4530	+0.334%	$373	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4514	−0.021%	$561K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4515	−0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0146%	1h	0.4507	−0.184%	$255K	$117K	5x	as long as short