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: Backpack against Binance+0.030%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.030%, 7d avg −0.003%

Together, before fees−0.081%−$8 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: Backpack is 0.034% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4523	0.0100	pay 0.0050% / 4h	2h 40m	$66.6M	$220.0M	75x
Short	Backpack ONDO_USDC_PERP	0.4524	0.0100	get 0.0013% / 1h	40m 39s	$195K	$970K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: $0
Price spread: +0.030% → −0.003%: $3.38
Slippage, 4 orders: −$17.88
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.5
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Backpack: live order book, 48 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 Binance live order book, 3 min ago	1.11 bp	8.9 bp −$9	16.2 bp −$162	55.1 bp −$5,513	doesn't fit
Sell Backpack live order book, 48 min ago	1.89 bp	9.6 bp −$10	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	−0.1124%	1h	0.4524	+0.026%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	+0.050%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	−0.047%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4503	−0.441%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.360%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4520	−0.060%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4521	−0.027%	$431K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4527	+0.089%	$40.7M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4524	+0.028%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4523	long leg	$66.6M	$220.0M	75x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4522	−0.016%	$73.4M	$117.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4521	−0.038%	$17.7M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4510	−0.288%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4522	−0.016%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4520	−0.060%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4521	−0.038%	$47.7M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4522	−0.016%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4524	+0.028%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4522	−0.016%	—	$22.8M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4524	+0.030%	$195K	$970K	15x
Variational Omni ONDO	+0.0100%	4h	0.4497	−0.568%	$799K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4507	−0.348%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4521	−0.028%	$425K	$929K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4507	−0.348%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4520	−0.056%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4522	−0.016%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4523	+0.006%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4527	+0.095%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4523	+0.006%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4521	−0.032%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4521	−0.045%	$404K	$986K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4524	+0.028%	$36K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.161%	$304K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4524	+0.028%	$3.3M	$3.0M	75x	as long as short
Lighter ONDO	+0.0448%	1h	0.4531	+0.185%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0448%	1h	0.4523	+0.017%	$372	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4520	−0.057%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4520	−0.061%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0488%	1h	0.4520	−0.063%	$256K	$117K	5x	as long as short