ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.02 per $10,000 · paid last 24h −0.063%

Price spread now: Backpack against Hyperliquid+0.011%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 7 days−0.124%−$12 · spread now +0.011%, 7d avg −0.071%

Together, before fees−0.420%+ Points / potential airdropHyperliquid: Season 2 · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.083% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.071%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 7 days (−0.296% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4379	0.0120	pay 0.0015% / 1h	6m 37s	$37.7M	$24.7M	10x
Short	Backpack ONDO_USDC_PERP	0.4380	0.0100	get 0.0013% / 1h	6m 37s	$186K	$983K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$4.12
Price spread: +0.011% → −0.071%: $8.27
Slippage, 4 orders: −$14.62
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.47
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Backpack: live order book, 57 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 Hyperliquid live order book, 7 min ago	0.11 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	0.23 bp	9.0 bp −$9	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4377	−0.046%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4379	−0.004%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.316%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4379	−0.011%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4379	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4379	+0.011%	$362K	$849K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4375	−0.091%	$63.2M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4373	−0.137%	$67.7M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4375	−0.091%	$17.1M	$73.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	+0.237%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4373	−0.128%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4374	−0.114%	$11.5M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4374	−0.114%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4377	−0.046%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4375	−0.091%	$25.1M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4375	−0.091%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4380	+0.011%	$186K	$983K	15x
Variational Omni ONDO	+0.0100%	4h	0.4386	+0.153%	$711K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4389	+0.227%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4390	+0.251%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4393	+0.320%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4380	+0.023%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4379	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4381	+0.046%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4388	+0.206%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4379	0.000%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4373	−0.143%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4374	−0.119%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4383	+0.082%	$38K	$13K	3x	as long as short
Hyperliquid ONDOlong	+0.0120%	1h	0.4379	long leg	$37.7M	$24.7M	10x
01 Exchange ONDOUSD	+0.0216%	1h	0.4375	−0.098%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0222%	4h	0.4378	−0.023%	$758K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0223%	1h	0.4373	−0.132%	$247K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4391	+0.274%	$272K	$729K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4382	+0.069%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4386	+0.153%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4382	+0.069%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4378	−0.028%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4380	+0.017%	$2K	—	20x	as long as short