Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h −0.001%

Price spread now: Aster against Backpack+0.050%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.050%, 7d avg +0.036%

Together, before fees+0.033%+ Points / potential airdropAster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4610	0.0120	pay 0.0015% / 1h	11m 38s	$232K	$1.0M	15x
Short	Aster ONDOUSDT	0.4612	0.0105	get 0.0052% / 4h	3h 11m	$727K	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$3.24
Price spread: +0.050% → +0.036%: $1.38
Slippage, 4 orders: −$21.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$41.58
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Aster: 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 Backpack live order book, 17 min ago	1.19 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.08 bp	9.4 bp −$9	31.3 bp −$313	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	−0.0866%	1h	0.4613	+0.062%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	−0.059%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	+0.017%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.905%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4611	+0.028%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4604	−0.118%	$432K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4608	−0.037%	$69.0M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4606	−0.080%	$74.2M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4604	−0.124%	$17.6M	$77.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.336%	$73K	$92K	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	0.4605	−0.101%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4603	−0.145%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4602	−0.167%	$49.7M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4609	−0.015%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4604	−0.124%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4603	−0.145%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4608	−0.042%	$818K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.122%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.086%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.137%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4617	+0.163%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	+0.028%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4613	+0.072%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4622	+0.267%	$136K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4609	−0.015%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	−0.041%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4603	−0.135%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	+0.112%	$40K	$13K	3x	as long as short
Aster ONDOUSDTshort	+0.0105%	4h	0.4612	+0.050%	$727K	$2.1M	20x
Backpack ONDO_USDC_PERPlong	+0.0120%	1h	0.4610	long leg	$232K	$1.0M	15x
Phoenix ONDO	+0.0244%	1h	0.4588	−0.466%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4610	+0.009%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.484%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.180%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4613	+0.072%	$41.0M	$25.1M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0400%	1h	0.4615	+0.115%	$34K	$342K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4611	+0.023%	$550K	—	100x	as long as short
Lighter ONDO	+0.0680%	1h	0.4615	+0.104%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4612	+0.056%	$2K	—	20x	as long as short