ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0085%/8h= −9.3% APRnext payment −$0.11 per $10,000 · paid last 24h −0.002%

Price spread now: Backpack against Deribit−0.039%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.039%, 7d avg −0.001%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.038% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4601	0.0185	pay 0.0023% / 1h	42m 55s	$34K	$363K	25x
Short	Backpack ONDO_USDC_PERP	0.4599	0.0100	get 0.0013% / 1h	42m 55s	$230K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$17.85
Price spread: −0.039% → −0.001%: −$3.83
Slippage, 4 orders: −$26.37
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$65.05
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; Backpack: live order book, 1 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 Deribit live order book, 31 min ago	6.57 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	1.09 bp	7.7 bp −$8	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	−0.0869%	1h	0.4594	−0.158%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4591	−0.212%	$260K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4598	−0.063%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.717%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4599	−0.043%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4596	−0.098%	$441K	$703K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4601	+0.002%	$40.6M	$26.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4602	+0.021%	$728K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4600	−0.022%	$68.7M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4598	−0.065%	$74.4M	$120.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4600	−0.022%	$17.7M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−0.287%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4597	−0.086%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4598	−0.065%	$12.1M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4600	−0.022%	$49.3M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4600	−0.022%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4600	−0.022%	$26.0M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4599	−0.043%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4599	−0.039%	$230K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4549	−1.135%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	−0.907%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4568	−0.717%	$423K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4560	−0.891%	$174K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4600	−0.017%	$71K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4601	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4597	−0.087%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4605	+0.087%	$135K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4597	−0.087%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4594	−0.145%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4600	−0.032%	$411K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4601	0.000%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0185%	1h	0.4601	long leg	$34K	$363K	25x
01 Exchange ONDOUSD	+0.0232%	1h	0.4601	+0.007%	$379	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.530%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4579	−0.478%	$298K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4598	−0.065%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0528%	1h	0.4603	+0.037%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0188%	1h	0.4598	−0.058%	$549K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4600	−0.027%	$2K	—	20x	as long as short