Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Nado+0.009%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now +0.009%, 7d avg +0.016%

Together, before fees−0.197%+ Points / potential airdropNado: Active · farm board−$20 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4276	0.0100	pay 0.0012% / 1h	31m 40s	$330K	$833K	10x
Short	Backpack ONDO_USDC_PERP	0.4276	0.0100	get 0.0013% / 1h	31m 40s	$181K	$984K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → +0.016%: −$0.62
Slippage, 4 orders: −$16.24
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.86
Costs to cover: 0.332%
Break-even: 3478318802544290.5 days

Slippage from Nado: live order book, 15 min ago; Backpack: live order book, 40 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 Nado live order book, 15 min ago	0.81 bp	9.0 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell Backpack live order book, 40 min ago	1.27 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0329%	1h	0.4277	+0.026%	$2.5M	$7.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4276	0.000%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4276	−0.008%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.829%	$888	$215K	5.5x	as long as short
Bybit ONDOUSDT	+0.0038%	4h	0.4268	−0.187%	$66.1M	$116.5M	50x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4256	−0.470%	$350	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4275	−0.026%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4274	−0.047%	$23K	$7K	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4276	long leg	$330K	$833K	10x
Hyperliquid ONDO	+0.0100%	1h	0.4274	−0.048%	$35.5M	$26.9M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4274	−0.047%	$758K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4270	−0.138%	$61.6M	$222.4M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4270	−0.140%	$16.8M	$67.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4288	+0.285%	$69K	$74K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4277	+0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4271	−0.117%	$13.7M	$13.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4270	−0.140%	$43.9M	$40.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4277	+0.023%	$12.9M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4271	−0.117%	$24.7M	$33.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4272	−0.094%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4276	+0.009%	$181K	$984K	15x
Variational Omni ONDO	+0.0100%	4h	0.4286	+0.243%	$686K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4300	+0.558%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4300	+0.550%	$400K	$2.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4281	+0.117%	$86K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4280	+0.087%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4274	−0.047%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4277	+0.023%	$445	$16K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4276	0.000%	$105K	$462K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4277	+0.023%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4271	−0.116%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4271	−0.114%	$346K	$769K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4277	+0.022%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0176% / S +0.0227%	1h	0.4281	+0.120%	$348K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4304	+0.655%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4277	+0.023%	$211K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4266	−0.234%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1167%	1h	0.4272	−0.102%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3922%	1h	0.4271	−0.112%	$244K	$159K	5x	as long as short