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 +0.002%

Price spread now: Backpack against MEXC+0.064%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.264% of the position

Long on MEXC 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 4 days (all we have)−0.039%−$4 · spread now +0.064%, 7d avg +0.022%

Together, before fees+0.022%+$2 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 0.042% dearer against MEXC than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ONDO_USDT	0.4542	0.0100	pay 0.0050% / 4h	29m 48s	$48.7M	$43.5M	200x
Short	Backpack ONDO_USDC_PERP	0.4545	0.0100	get 0.0013% / 1h	29m 48s	$229K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.064%Rate

Funding earned: $0
Price spread: +0.064% → +0.022%: $4.16
Slippage, 4 orders: −$16.45
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.29
Costs to cover: 0.264%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 4 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 MEXC live order book, 4 min ago	1.10 bp	1.1 bp −$1	3.1 bp −$31	16.4 bp −$1,639	101.4 bp −$50.7K
Sell Backpack live order book, 4 min ago	0.11 bp	13.0 bp −$13	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	−0.0803%	1h	0.4543	+0.017%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.572%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4543	+0.027%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4543	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4542	−0.006%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4545	+0.077%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4544	+0.054%	$68.0M	$227.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4543	+0.022%	$73.6M	$123.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4543	+0.022%	$17.6M	$80.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4548	+0.139%	$74K	$89K	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	0.4541	−0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4543	+0.022%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4542	long leg	$48.7M	$43.5M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4544	+0.044%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4544	+0.044%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4543	+0.022%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4545	+0.064%	$229K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4542	0.000%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	+0.122%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	+0.110%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4548	+0.132%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4546	+0.086%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4545	+0.066%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	+0.044%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4555	+0.286%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4545	+0.066%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4542	−0.009%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4541	−0.030%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4547	+0.116%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0190%	1h	0.4544	+0.046%	$40.2M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	+0.130%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4548	+0.132%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4544	+0.044%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4546	+0.079%	$374	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0410%	1h	0.4546	+0.088%	$35K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4543	+0.025%	$542K	—	100x	as long as short
Lighter ONDO	+0.0808%	1h	0.4552	+0.216%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4544	+0.042%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4158%	1h	0.4543	+0.022%	$257K	$132K	5x	as long as short