Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0111%/8h= +12.1% APRpaid last 24h +0.003%

Price spread now: Backpack against Orderly+0.129%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.129% dearer against Orderly than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4429	0.0100	pay 0.0050% / 4h	1h 18m	$24K	$6K	10x
Short	Backpack ONDO_USDC_PERP	0.4435	0.0210	get 0.0026% / 1h	18m 13s	$192K	$979K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.129%Rate

Funding earned: $23.21
Price spread: +0.129% → 0.000%: $12.87
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.08
Costs to cover: 0.160%
Break-even: 0.9 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 51 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 51 min ago	1.94 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX ONDO-USD	+0.0001%	1h	0.4435	+0.142%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4430	+0.018%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.138%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4432	+0.063%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4429	long leg	$24K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4434	+0.119%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4435	+0.134%	$64.4M	$225.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4433	+0.090%	$70.2M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4435	+0.135%	$17.2M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.400%	$73K	$88K	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	0.4435	+0.135%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4432	+0.068%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4435	+0.135%	$47.4M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4431	+0.045%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4434	+0.113%	$25.3M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4434	+0.113%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	+0.264%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4442	+0.292%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	+0.192%	$411K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.316%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4436	+0.163%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4436	+0.158%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4433	+0.090%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4439	+0.226%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4435	+0.135%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4432	+0.064%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4433	+0.100%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4437	+0.177%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0158%	1h	0.4437	+0.180%	$38.5M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0184%	4h	0.4436	+0.158%	$714K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0210%	1h	0.4435	+0.129%	$192K	$979K	15x
Phoenix ONDO	+0.0272%	1h	0.4441	+0.278%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4438	+0.203%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4439	+0.214%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4432	+0.068%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0427%	1h	0.4432	+0.068%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4429	−0.007%	$489K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4442	+0.303%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4434	+0.111%	$2K	—	20x	as long as short