Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: SunX against Backpack−0.027%49s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$158as 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−$1581.584% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now −0.027%, 7d avg −0.026%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4514	0.0100	pay 0.0013% / 1h	50m 19s	$195K	$972K	15x
Short	SunX ONDO-USDT	0.4513	0.0100	get 0.0050% / 4h	1h 50m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → −0.026%: −$0.06
Slippage, 4 orders: −$140.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$158.5
Costs to cover: 1.584%
Break-even: never at this rate

Slippage from Backpack: live order book, 34 min ago; SunX: live order book, 4 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, 34 min ago	1.00 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	47.59 bp	70.1 bp −$70	doesn't fit	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	−0.0357%	1h	0.4507	−0.165%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4510	−0.093%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4509	−0.109%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4509	−0.115%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4517	+0.062%	$424K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4515	+0.019%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4512	−0.046%	$66.4M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4509	−0.115%	$73.1M	$118.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4509	−0.115%	$17.6M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4507	−0.162%	$73K	$85K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4515	+0.028%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4512	−0.049%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4513	−0.027%	$47.6M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4515	+0.018%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4511	−0.071%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4510	−0.093%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4514	long leg	$195K	$972K	15x
Variational Omni ONDO	+0.0100%	4h	0.4513	−0.024%	$795K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.031%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4533	+0.414%	$428K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4515	+0.011%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4513	−0.027%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4510	−0.093%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.062%	$130K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4512	−0.049%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4516	+0.041%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4509	−0.120%	$403K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4511	−0.060%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4528	+0.312%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.248%	$1K	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0208%	1h	0.4514	−0.004%	$159K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.527%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4513	−0.027%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4520	+0.131%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4524	+0.226%	$1.4M	$2.1M	10x	as long as short
Hyperliquid ONDO	+0.0558%	1h	0.4518	+0.091%	$40.4M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4511	−0.074%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4514	−0.012%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1267%	1h	0.4516	+0.031%	$256K	$130K	5x	as long as short