Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Backpack against GRVT+0.127%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.209%−$21 · spread now +0.127%, 7d avg +0.033%

Together, before fees−0.186%+ Points / potential airdropGRVT: Active · farm board−$19 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 0.094% dearer against GRVT than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ONDO_USDT_Perp	0.4562	0.0100	pay 0.0050% / 4h	11m 19s	$421K	$949K	10x
Short	Backpack ONDO_USDC_PERP	0.4568	0.0100	get 0.0013% / 1h	11m 19s	$229K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.127%Rate

Funding earned: $0
Price spread: +0.127% → +0.033%: $9.43
Slippage, 4 orders: −$27.73
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$37.3
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from GRVT: 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 GRVT live order book, 2 min ago	3.28 bp	14.1 bp −$14	24.3 bp −$243	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	1.32 bp	11.8 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	−0.0799%	1h	0.4563	+0.017%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.129%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4564	+0.047%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4562	−0.002%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4564	+0.053%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4568	+0.129%	$40.4M	$26.5M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4567	+0.115%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4564	+0.042%	$68.2M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4565	+0.064%	$74.1M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4563	+0.020%	$17.7M	$80.0M	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	0.4576	+0.298%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4563	+0.017%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4563	+0.020%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4565	+0.064%	$48.9M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	+0.086%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4564	+0.042%	$25.8M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4565	+0.064%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4568	+0.127%	$229K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4563	+0.016%	$803K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	+0.020%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perplong	+0.0100%	4h	0.4562	long leg	$421K	$949K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4563	+0.020%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4568	+0.129%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4564	+0.042%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4564	+0.042%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4574	+0.261%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4565	+0.064%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4564	+0.040%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4563	+0.012%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4566	+0.086%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4565	+0.064%	$35K	$366K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4569	+0.143%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0296%	1h	0.4564	+0.046%	$376	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.305%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	+0.064%	$3.2M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4564	+0.039%	$545K	—	100x	as long as short
Lighter ONDO	+0.0704%	1h	0.4576	+0.296%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4565	+0.059%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2884%	1h	0.4569	+0.156%	$259K	$132K	5x	as long as short