Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0666%/8h= −72.9% APRpaid last 24h +0.001%

Price spread now: Backpack against Phemex−0.112%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$890.892% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)+0.184%+$18 · spread now −0.112%, 7d avg +0.011%

Together, before fees+0.379%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Backpack is 0.124% cheaper against Phemex than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.011%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.196%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.196% in total (about 10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4459	0.0766	pay 0.0383% / 4h	2h 53m	$4.3M	$7.2M	50x
Short	Backpack ONDO_USDC_PERP	0.4454	0.0100	get 0.0013% / 1h	53m 29s	$224K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$139.83
Price spread: −0.112% → +0.011%: −$12.36
Slippage, 4 orders: −$67.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$241.39
Costs to cover: 0.892%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, just now.

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 Phemex live order book, 5 min ago	16.78 bp	29.2 bp −$29	37.8 bp −$378	doesn't fit	doesn't fit
Sell Backpack live order book, just now	4.72 bp	12.5 bp −$12	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
ApeX Omni ONDOUSDT	−0.1599%	1h	0.4475	+0.359%	$167K	$332K	50x	as long as short
Kraken Futures PF_ONDOUSD	−0.0359%	1h	0.4453	−0.129%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4446	−0.285%	$252K	$130K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4447	−0.269%	$32K	$339K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4458	−0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.444%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4460	+0.022%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4460	+0.028%	$407K	$784K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4462	+0.069%	$39.5M	$25.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4452	−0.164%	$705K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4461	+0.045%	$65.8M	$226.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4460	+0.022%	$71.6M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4461	+0.045%	$17.2M	$76.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4462	+0.076%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4453	−0.133%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4458	−0.022%	$11.7M	$15.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4461	+0.045%	$45.3M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4456	−0.067%	$13.5M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4459	0.000%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4460	+0.022%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4454	−0.112%	$224K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4454	−0.116%	$789K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4475	+0.352%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4460	+0.019%	$420K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4460	+0.016%	$111K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4454	−0.112%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4456	−0.067%	$463	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4461	+0.045%	$130K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4449	−0.220%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4452	−0.146%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4446	−0.302%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4458	−0.013%	$367	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4454	−0.112%	$290K	$798K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4508	+1.094%	$37K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4457	−0.045%	$3.3M	$3.0M	75x	as long as short
Lighter ONDO	+0.0488%	1h	0.4456	−0.065%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0581% / S −0.0186%	1h	0.4457	−0.051%	$532K	—	100x	as long as short
Phemex ONDOUSDTlong	+0.0766%	4h	0.4459	long leg	$4.3M	$7.2M	50x
Reya ONDORUSDPERP	+0.1146%	1h	0.4462	+0.073%	$2K	—	20x	as long as short