Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Polymarket Perps+0.041%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 7 days−0.323%−$32 · spread now +0.041%, 7d avg −0.048%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.089% dearer against Polymarket Perps than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4381	0.0100	pay 0.0013% / 1h	33m 01s	$66K	$1.4M	10x
Short	Backpack ONDO_USDC_PERP	0.4383	0.0100	get 0.0013% / 1h	33m 01s	$184K	$981K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → −0.048%: $8.94
Slippage, 4 orders: −$15.81
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$24.87
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Backpack: live order book, 26 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 Polymarket Perps live order book, 5 min ago	2.62 bp	7.3 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	0.91 bp	10.6 bp −$11	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	−0.0160%	1h	0.4380	−0.021%	$2.6M	$7.7M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4374	−0.155%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	−0.039%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.268%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4385	+0.089%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4380	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4380	−0.023%	$362K	$845K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4382	+0.023%	$63.3M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4379	−0.046%	$68.0M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4381	0.000%	$17.2M	$72.8M	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	0.4375	−0.128%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4380	−0.031%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4379	−0.046%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4383	+0.046%	$43.6M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4380	−0.023%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4382	+0.023%	$25.1M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4381	0.000%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4383	+0.041%	$184K	$981K	15x
Variational Omni ONDO	+0.0100%	4h	0.4375	−0.143%	$714K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4381	−0.005%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4382	+0.021%	$410K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4383	+0.046%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4381	long leg	$66K	$1.4M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4380	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4382	+0.023%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4390	+0.205%	$130K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4381	0.000%	$4.2M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4377	−0.098%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4379	−0.040%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4385	+0.080%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4381	+0.005%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0196%	4h	0.4383	+0.045%	$795K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0256%	1h	0.4384	+0.066%	$37.6M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4390	+0.205%	$260K	$738K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4385	+0.080%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4384	+0.068%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0435%	1h	0.4383	+0.046%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0556% / S −0.0193%	1h	0.4380	−0.030%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4381	−0.002%	$2K	—	20x	as long as short