Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.070%

Price spread now: BloFin against Backpack+0.088%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now +0.088%, 7d avg +0.010%

Together, before fees+0.308%+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.079% dearer against Backpack than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4301	0.0100	pay 0.0013% / 1h	33m 03s	$176K	$989K	15x
Short	BloFin ONDO-USDT	0.4305	0.0340	get 0.0170% / 4h	2h 33m	$3.1M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.088%Rate

Funding earned: $50.4
Price spread: +0.088% → +0.010%: $7.88
Slippage, 4 orders: −$15.61
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $20.67
Costs to cover: 0.376%
Break-even: 4.1 days

Slippage from Backpack: live order book, 21 min ago; BloFin: live order book, 5 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, 21 min ago	1.27 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	3.48 bp	9.5 bp −$9	14.8 bp −$148	36.5 bp −$3,651	101.2 bp −$50.6K

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	−0.0243%	1h	0.4298	−0.072%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	−0.053%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0019%	1h	0.4301	−0.009%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.203%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4304	+0.060%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4304	+0.063%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4301	−0.005%	$350K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4303	+0.030%	$35.9M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4302	+0.018%	$774K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4301	−0.005%	$61.9M	$235.8M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4300	−0.028%	$67.0M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4303	+0.042%	$17.1M	$73.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4316	+0.349%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4302	+0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4300	−0.028%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4302	+0.019%	$42.4M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4300	−0.028%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4302	+0.019%	$24.6M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4302	+0.019%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4301	long leg	$176K	$989K	15x
Variational Omni ONDO	+0.0100%	4h	0.4320	+0.433%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4331	+0.703%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	+0.450%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.670%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.005%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4299	−0.051%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.005%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4301	−0.005%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4314	+0.298%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4302	+0.019%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4299	−0.046%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4300	−0.037%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4303	+0.042%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4302	+0.019%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.042%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	+0.270%	$34K	$223K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4305	+0.088%	$3.1M	$3.1M	75x
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4299	−0.062%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4301	−0.016%	$2K	—	20x	as long as short