ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1108%/8h= −121.4% APRnext payment −$1.39 per $10,000 · paid last 24h −1.636%

Price spread now: Backpack against dYdX+0.052%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$438as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1761.761% of the position

Long on dYdX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−2.618%−$262 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.052%, 7d avg +0.029%

Together, before fees−2.675%−$267 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.023% dearer against dYdX than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of +0.029%): +$2 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4512	0.1208	pay 0.0151% / 1h	50m 54s	$255K	$130K	5x
Short	Backpack ONDO_USDC_PERP	0.4514	0.0100	get 0.0013% / 1h	50m 54s	$195K	$972K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against dYdX. 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 dYdXbpFee BackpackbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$232.78
Price spread: +0.052% → +0.029%: $2.31
Slippage, 4 orders: −$156.13
Fee dYdX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$406.61
Costs to cover: 1.761%
Break-even: never at this rate

Slippage from dYdX: live order book, 33 min ago; Backpack: live order book, 33 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 dYdX live order book, 33 min ago	27.19 bp	32.2 bp −$32	32.2 bp −$322	105.6 bp −$10.6K	741.0 bp −$370.5K
Sell Backpack live order book, 33 min ago	1.00 bp	11.7 bp −$12	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	−0.0356%	1h	0.4510	−0.042%	$2.8M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4514	+0.055%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4515	+0.070%	$25K	$8K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4514	+0.054%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	+0.063%	$66.5M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4516	+0.092%	$73.2M	$118.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	+0.092%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4542	+0.677%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4514	+0.052%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4514	+0.047%	$11.8M	$18.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ONDO_USDT	+0.0100%	4h	0.4513	+0.025%	$47.6M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4513	+0.025%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4516	+0.092%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4515	+0.070%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4514	+0.052%	$195K	$972K	15x
Variational Omni ONDO	+0.0100%	4h	0.4531	+0.427%	$793K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.083%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4533	+0.466%	$428K	$928K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4514	+0.047%	$424K	$682K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4516	+0.085%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	+0.070%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	+0.047%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	+0.114%	$130K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4512	+0.003%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4513	+0.035%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4513	+0.021%	$403K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4517	+0.122%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4528	+0.364%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.196%	$1K	$181K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0193%	1h	0.4516	+0.092%	$19K	$364K	25x	as long as short
ApeX Omni ONDOUSDT	+0.0208%	1h	0.4514	+0.047%	$159K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.579%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4513	+0.025%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4519	+0.152%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0528%	1h	0.4521	+0.211%	$1.4M	$2.1M	10x	as long as short
Hyperliquid ONDO	+0.0565%	1h	0.4518	+0.136%	$40.4M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4514	+0.038%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4515	+0.073%	$2K	—	20x	as long as short
dYdX ONDO-USDlong	+0.1208%	1h	0.4512	long leg	$255K	$130K	5x