Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: BingX against Backpack−0.057%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1271.272% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.057%, 7d avg −0.023%

Together, before fees+0.046%+$5 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: BingX is 0.034% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4350	0.0100	pay 0.0013% / 1h	20m 20s	$182K	$1.0M	15x
Short	BingX ONDO-USDC	0.4347	0.0100	get 0.0050% / 4h	2h 20m	—	$783K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $0
Price spread: −0.057% → −0.023%: −$3.4
Slippage, 4 orders: −$107.16
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$130.56
Costs to cover: 1.272%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; BingX: 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, 2 min ago	0.46 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.30 bp	63.0 bp −$63	106.5 bp −$1,065	690.1 bp −$69.0K	1089.9 bp −$544.9K

ONDO on 39 exchanges

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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4348	−0.034%	$22K	$384K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4348	−0.041%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4346	−0.073%	$2.6M	$7.5M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.024%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4350	+0.011%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4343	−0.149%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4344	−0.126%	$339K	$866K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4348	−0.034%	$779K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4346	−0.091%	$63.5M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4344	−0.126%	$68.6M	$119.2M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4345	−0.103%	$17.3M	$69.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4342	−0.175%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4346	−0.072%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4346	−0.080%	$13.7M	$14.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4346	−0.080%	$45.0M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4346	−0.080%	$13.2M	$9.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4346	−0.080%	$25.3M	$35.3M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4347	−0.057%	—	$783K	—
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4350	long leg	$182K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4345	−0.112%	$801K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4347	−0.058%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4346	−0.072%	$401K	$1.8M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4349	−0.011%	$134K	$320K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4348	−0.037%	$60K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	+0.034%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4347	−0.057%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4357	+0.172%	$106K	$489K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4348	−0.034%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4344	−0.128%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0101%	1h	0.4351	+0.033%	$36.6M	$27.1M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4345	−0.111%	$364K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4348	−0.032%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4348	−0.041%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4353	+0.083%	$35K	$217K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4353	+0.080%	$214K	$633K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4349	−0.011%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4344	−0.116%	$497K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1165%	1h	0.4346	−0.091%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2813%	1h	0.4345	−0.104%	$249K	$160K	5x	as long as short