Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Backpack against edgeX−1.076%85s7-day average +0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.415% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 3 days (all we have)+1.094%+$109 · spread now −1.076%, 7d avg +0.016%

Together, before fees+1.155%+ Points / potential airdropedgeX: Active · farm board+$116 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 1.092% cheaper against edgeX than usual: you would sell low and buy high, −$109 on $10k if it goes back to its 7-day average of +0.016%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4503	0.0100	pay 0.0050% / 4h	2h 55m	$5K	$318K	20x
Short	Backpack ONDO_USDC_PERP	0.4455	0.0100	get 0.0013% / 1h	55m 52s	$224K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −1.076%Rate

Funding earned: $0
Price spread: −1.076% → +0.016%: −$109.18
Slippage, 4 orders: −$22.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$150.68
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from edgeX: live order book, 12 min ago; Backpack: live order book, 3 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 edgeX live order book, 12 min ago	4.35 bp	8.9 bp −$9	15.1 bp −$151	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	2.79 bp	15.2 bp −$15	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	−0.0359%	1h	0.4453	−1.115%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4452	−1.135%	$252K	$131K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4456	−1.051%	$33K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4454	−1.098%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+1.436%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4454	−1.096%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4455	−1.073%	$413K	$772K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4457	−1.023%	$39.5M	$25.2M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4454	−1.096%	$705K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4460	−0.973%	$65.8M	$226.0M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4459	−0.985%	$71.6M	$121.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4459	−0.985%	$17.1M	$76.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4457	−1.029%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4444	−1.311%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4458	−1.007%	$11.7M	$15.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4458	−1.007%	$45.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4458	−1.007%	$13.6M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4459	−0.985%	$25.2M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4460	−0.962%	—	$755K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4455	−1.076%	$224K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4454	−1.100%	$789K	$1.8M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4503	long leg	$5K	$318K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4505	+0.037%	$416K	$955K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4504	+0.015%	$168K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4457	−1.031%	$116K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4458	−1.007%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4456	−1.051%	$463	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4463	−0.896%	$130K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4450	−1.190%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4458	−1.007%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4456	−1.043%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0200%	1h	0.4454	−1.091%	$367	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4508	+0.099%	$37K	$231K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4466	−0.829%	$290K	$800K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4453	−1.118%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0528%	1h	0.4464	−0.883%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0187%	1h	0.4453	−1.123%	$531K	—	100x	as long as short
Phemex ONDOUSDT	+0.0857%	4h	0.4454	−1.096%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4455	−1.062%	$2K	—	20x	as long as short