Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.002%

Price spread now: Backpack against Bitget+0.095%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$410.415% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.095%, 7d avg +0.018%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.077% dearer against Bitget than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4550	0.0100	pay 0.0050% / 4h	37m 23s	$25.7M	$41.5M	50x
Short	Backpack ONDO_USDC_PERP	0.4554	0.0120	get 0.0015% / 1h	37m 23s	$230K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.095%Rate

Funding earned: $4.18
Price spread: +0.095% → +0.018%: $7.67
Slippage, 4 orders: −$19.47
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.62
Costs to cover: 0.415%
Break-even: 56.6 days

Slippage from Bitget: live order book, 2 min ago; Backpack: 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 Bitget live order book, 2 min ago	1.10 bp	8.6 bp −$9	19.0 bp −$190	56.8 bp −$5,675	doesn't fit
Sell Backpack live order book, 2 min ago	1.21 bp	10.1 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	−0.0801%	1h	0.4553	+0.070%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.396%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4548	−0.040%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4551	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4552	+0.055%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4554	+0.088%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4550	0.000%	$68.1M	$228.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4549	−0.022%	$73.7M	$123.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4551	+0.022%	$17.7M	$81.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4544	−0.130%	$74K	$89K	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	0.4550	+0.010%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4550	0.000%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4549	−0.022%	$49.3M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4552	+0.044%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4550	long leg	$25.7M	$41.5M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4548	−0.044%	—	$740K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4559	+0.196%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4550	+0.005%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4556	+0.142%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4551	+0.022%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4553	+0.062%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4553	+0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4553	+0.066%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4564	+0.308%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4554	+0.088%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4552	+0.045%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	+0.005%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4555	+0.099%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0120%	1h	0.4554	+0.095%	$230K	$1.0M	15x
Deribit ONDO_USDC-PERPETUAL	+0.0189%	1h	0.4554	+0.088%	$36K	$436K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4555	+0.101%	$38K	$257K	10x	as long as short
Hyperliquid ONDO	+0.0281%	1h	0.4555	+0.105%	$40.4M	$26.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4550	0.000%	$298K	$851K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4548	−0.044%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4555	+0.099%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4551	+0.028%	$544K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4562	+0.268%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4550	−0.002%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4906%	1h	0.4554	+0.089%	$258K	$131K	5x	as long as short