Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h +0.002%

Price spread now: Backpack against Paradex+0.187%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.187% dearer against Paradex than usual: you sell high and buy low, +$19 on $10k if it 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	Paradex ONDO-USD-PERP	0.4402	0.0102	pay 0.0102% / 8h	4h 29m	$6K	—	10x
Short	Backpack ONDO_USDC_PERP	0.4410	0.0100	get 0.0013% / 1h	29m 22s	$188K	$979K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.187%Rate

Funding earned: −$0.45
Price spread: +0.187% → 0.000%: $18.73
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.29
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 35 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 35 min ago	0.23 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit

Paradex: 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4400	−0.044%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4398	−0.081%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.774%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4406	+0.101%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4402	+0.003%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4402	+0.009%	$364K	$856K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4405	+0.083%	$37.7M	$24.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4404	+0.044%	$63.7M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4401	−0.019%	$68.2M	$126.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4403	+0.026%	$17.1M	$73.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4383	−0.426%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4400	−0.036%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	−0.019%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4404	+0.049%	$44.4M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4403	+0.026%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	+0.003%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4402	+0.003%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4410	+0.187%	$188K	$979K	15x
Variational Omni ONDO	+0.0100%	4h	0.4387	−0.344%	$712K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4389	−0.290%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−0.247%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4373	−0.655%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4402	+0.010%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4399	−0.065%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4400	−0.042%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4407	+0.117%	$128K	$435K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4403	+0.026%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0102%	8h	0.4402	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4401	−0.028%	$397K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	−0.020%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4401	−0.015%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0237%	4h	0.4406	+0.094%	$744K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4399	−0.065%	$272K	$730K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	−0.178%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4380	−0.494%	$35K	$223K	10x	as long as short
dYdX ONDO-USD	+0.0394%	1h	0.4400	−0.037%	$249K	$129K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4400	−0.042%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4400	−0.042%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4405	+0.082%	$2K	—	20x	as long as short