Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.001%

Price spread now: Backpack against HTX−0.027%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1091.093% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.092%+$9 · spread now −0.027%, 7d avg −0.126%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.099% dearer against HTX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4402	0.0100	pay 0.0050% / 4h	2h 10m	$129K	$506K	50x
Short	Backpack ONDO_USDC_PERP	0.4401	0.0164	get 0.0020% / 1h	10m 47s	$201K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $13.42
Price spread: −0.027% → −0.126%: $9.85
Slippage, 4 orders: −$87.32
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$86.05
Costs to cover: 1.093%
Break-even: 51.9 days

Slippage from HTX: live order book, 58 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 HTX live order book, 58 min ago	35.74 bp	45.9 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	1.93 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4400	−0.041%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4392	−0.224%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4396	−0.141%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.771%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4399	−0.068%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4397	−0.114%	$381K	$859K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4398	−0.091%	$677K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.203%	$63.7M	$231.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4393	−0.204%	$69.6M	$125.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4395	−0.159%	$17.0M	$74.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	−0.066%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4391	−0.254%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4396	−0.136%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.204%	$46.2M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	−0.182%	$13.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4394	−0.182%	$25.0M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	−0.182%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	−0.097%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4403	+0.027%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4407	+0.110%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.068%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4399	−0.064%	$90K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4400	−0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	0.000%	$458	$13K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4402	long leg	$129K	$506K	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4394	−0.185%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.207%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4402	+0.011%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0164%	1h	0.4401	−0.027%	$201K	$1.0M	15x
Hyperliquid ONDO	+0.0250%	1h	0.4399	−0.068%	$38.7M	$25.8M	10x	as long as short
Phemex ONDOUSDT	+0.0306%	4h	0.4401	−0.023%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.454%	$284K	$713K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4409	+0.168%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4400	−0.036%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	0.000%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4396	−0.133%	$485K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4400	−0.057%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4399	−0.069%	$2K	—	20x	as long as short