ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0164%/8h= −18.0% APRnext payment −$0.20 per $10,000 · paid last 24h −0.103%

Price spread now: Backpack against Coinbase International+0.173%7-day average −0.203% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.745%−$74 on $10k

Price spread, last 4 days (all we have)−0.372%−$37 · spread now +0.173%, 7d avg −0.203%

Together, before fees−1.117%−$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.376% dearer against Coinbase International than usual: you sell high and buy low (spread +0.173% now, against its 7-day average of −0.203%): +$38 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 7 days (−0.745% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4336	0.0264	pay 0.0033% / 1h	50m 47s	$214K	$727K	50x
Short	Backpack ONDO_USDC_PERP	0.4344	0.0100	get 0.0013% / 1h	50m 47s	$177K	$995K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.173%Rate

Funding earned: −$34.44
Price spread: +0.173% → −0.203%: $37.62
Slippage, 4 orders: −$38.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.26
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 58 min ago; Backpack: live order book, 63 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 Coinbase International live order book, 58 min ago	8.07 bp	26.2 bp −$26	79.1 bp −$791	doesn't fit	doesn't fit
Sell Backpack live order book, 63 min ago	1.27 bp	7.2 bp −$7	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	−0.0146%	1h	0.4339	+0.066%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4331	−0.109%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4337	+0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.351%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.164%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	−0.046%	$346K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4345	+0.208%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4345	+0.207%	$63.1M	$238.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4342	+0.138%	$67.7M	$126.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4344	+0.185%	$17.3M	$73.9M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4330	−0.143%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4331	−0.124%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4341	+0.115%	$12.4M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4344	+0.185%	$43.2M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4341	+0.115%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4345	+0.208%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4342	+0.138%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4344	+0.173%	$177K	$995K	15x
Variational Omni ONDO	+0.0100%	4h	0.4337	+0.018%	$642K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	−0.202%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4330	−0.138%	$403K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4327	−0.208%	$132K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.044%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4338	+0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4340	+0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4339	+0.069%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4349	+0.300%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4340	+0.092%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	−0.122%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4343	+0.152%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4341	+0.115%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4334	−0.037%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTXlong	+0.0264%	1h	0.4336	long leg	$214K	$727K	50x
Phoenix ONDO	+0.0313%	1h	0.4333	−0.065%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	+0.046%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0440%	1h	0.4347	+0.263%	$36.7M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4337	+0.031%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0672%	1h	0.4341	+0.115%	$18K	$362K	25x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4337	+0.023%	$2K	—	20x	as long as short