Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.002%

Price spread now: Backpack against OKX+0.035%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$380.385% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.035%, 7d avg +0.037%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4598	0.0100	pay 0.0050% / 4h	1h 17m	$18.0M	$82.0M	50x
Short	Backpack ONDO_USDC_PERP	0.4600	0.0136	get 0.0017% / 1h	17m 08s	$232K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.035%Rate

Funding earned: $7.49
Price spread: +0.035% → +0.037%: −$0.18
Slippage, 4 orders: −$18.49
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.17
Costs to cover: 0.385%
Break-even: 36.1 days

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 2 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 OKX live order book, 2 min ago	1.09 bp	10.2 bp −$10	24.9 bp −$249	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.11 bp	7.2 bp −$7	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	−0.0350%	1h	0.4593	−0.113%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4601	+0.067%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4601	+0.065%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4606	+0.163%	$435K	$703K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4604	+0.130%	$739K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4600	+0.033%	$68.0M	$226.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4599	+0.022%	$75.7M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4598	long leg	$18.0M	$82.0M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4619	+0.465%	$75K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4605	+0.142%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4600	+0.043%	$12.0M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4599	+0.022%	$49.7M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4596	−0.043%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4599	+0.022%	$26.1M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4599	+0.022%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4604	+0.129%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	+0.154%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4612	+0.305%	$425K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.196%	$165K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4605	+0.144%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4601	+0.065%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4598	0.000%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4617	+0.413%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4598	0.000%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4602	+0.087%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4597	−0.014%	$411K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4598	+0.003%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0136%	1h	0.4600	+0.035%	$232K	$1.0M	15x
Phoenix ONDO	+0.0142%	1h	0.4601	+0.059%	$37K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.652%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	−0.065%	$301K	$874K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	+0.087%	$3.3M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0402%	1h	0.4605	+0.152%	$31K	$432K	25x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4611	+0.276%	$379	$2K	10x	as long as short
Hyperliquid ONDO	+0.0432%	1h	0.4608	+0.226%	$41.4M	$26.5M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0187%	1h	0.4601	+0.057%	$549K	—	100x	as long as short
Lighter ONDO	+0.0696%	1h	0.4610	+0.250%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4602	+0.090%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4309%	1h	0.4600	+0.041%	$260K	$129K	5x	as long as short