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 +0.004%

Price spread now: Backpack against Gate+0.168%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.168%, 7d avg +0.050%

Together, before fees−0.107%−$11 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 0.118% dearer against Gate than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4465	0.0100	pay 0.0050% / 4h	2h 51m	$11.7M	$15.9M	50x
Short	Backpack ONDO_USDC_PERP	0.4472	0.0100	get 0.0013% / 1h	51m 18s	$203K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.168%Rate

Funding earned: $0
Price spread: +0.168% → +0.050%: $11.8
Slippage, 4 orders: −$35.96
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.16
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Gate: live order book, 2 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 Gate live order book, 2 min ago	1.12 bp	18.8 bp −$19	37.6 bp −$376	47.9 bp −$4,788	78.1 bp −$39.0K
Sell Backpack live order book, 3 min ago	4.72 bp	12.5 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	−0.0357%	1h	0.4469	+0.091%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0132%	1h	0.4463	−0.045%	$165K	$356K	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4467	+0.050%	$253K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4465	0.000%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.307%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4467	+0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4466	+0.034%	$407K	$779K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4470	+0.117%	$692K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4470	+0.109%	$65.9M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4470	+0.112%	$72.0M	$122.2M	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	0.4471	+0.134%	$17.2M	$76.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4462	−0.058%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4468	+0.074%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4465	long leg	$11.7M	$15.9M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4467	+0.045%	$45.5M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4467	+0.045%	$13.5M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4468	+0.067%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4467	+0.045%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4472	+0.168%	$203K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4468	+0.063%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4457	−0.184%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4467	+0.045%	$420K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4469	+0.099%	$111K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4467	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4468	+0.067%	$464	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4476	+0.246%	$131K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4464	−0.028%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4468	+0.071%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4471	+0.123%	$39K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0121%	1h	0.4470	+0.121%	$39.5M	$25.3M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0198%	1h	0.4468	+0.067%	$33K	$339K	25x	as long as short
01 Exchange ONDOUSD	+0.0296%	1h	0.4472	+0.152%	$368	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4475	+0.224%	$291K	$802K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4470	+0.101%	$36K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4470	+0.112%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0568%	1h	0.4477	+0.269%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0186%	1h	0.4465	+0.001%	$533K	—	100x	as long as short
Phemex ONDOUSDT	+0.0729%	4h	0.4469	+0.090%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4466	+0.028%	$2K	—	20x	as long as short