Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: edgeX against Backpack−0.210%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.210%, 7d avg −0.016%

Together, before fees+0.157%+ Points / potential airdropedgeX: Active · farm board+$16 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: edgeX is 0.194% cheaper against Backpack than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4555	0.0100	pay 0.0013% / 1h	26m 41s	$230K	$1.0M	15x
Short	edgeX ONDOUSDC	0.4545	0.0100	get 0.0050% / 4h	26m 41s	$5K	$318K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.210%Rate

Funding earned: $0
Price spread: −0.210% → −0.016%: −$19.4
Slippage, 4 orders: −$18.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$56.52
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; edgeX: live order book, 51 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	0.99 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	4.34 bp	8.8 bp −$9	15.0 bp −$150	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	−0.0802%	1h	0.4546	−0.193%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.294%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	−0.185%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4546	−0.189%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4543	−0.255%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4550	−0.103%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4548	−0.135%	$68.1M	$227.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4547	−0.167%	$73.7M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4544	−0.233%	$17.6M	$80.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	−0.130%	$74K	$89K	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	0.4545	−0.217%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4544	−0.233%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4547	−0.167%	$48.8M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4551	−0.079%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4548	−0.145%	$25.7M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4549	−0.123%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4555	long leg	$230K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.277%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDCshort	+0.0100%	4h	0.4545	−0.210%	$5K	$318K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4544	−0.242%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	−0.189%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4548	−0.138%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4548	−0.145%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	−0.167%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4555	+0.009%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4551	−0.079%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4546	−0.192%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4544	−0.229%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	−0.102%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0157%	1h	0.4553	−0.024%	$40.3M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4547	−0.160%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4548	−0.145%	$297K	$843K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4546	−0.189%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4547	−0.169%	$374	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0410%	1h	0.4550	−0.101%	$36K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0587% / S −0.0188%	1h	0.4546	−0.187%	$543K	—	100x	as long as short
Lighter ONDO	+0.0800%	1h	0.4555	+0.011%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4546	−0.190%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4017%	1h	0.4551	−0.080%	$258K	$132K	5x	as long as short