Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: Nado against Backpack−0.031%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.140%+$14 · spread now −0.031%, 7d avg −0.015%

Together, before fees+0.158%+ Points / potential airdropNado: Active · farm board+$16 on $10k · with fees, hour by hour

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	31m 22s	$176K	$989K	15x
Short	Nado ONDO-PERP	0.4299	0.0100	get 0.0012% / 1h	31m 22s	$350K	$876K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → −0.015%: −$1.63
Slippage, 4 orders: −$14.71
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$33.35
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Backpack: live order book, 23 min ago; Nado: live order book, 17 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, 23 min ago	1.27 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 17 min ago	0.46 bp	5.4 bp −$5	21.2 bp −$212	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	−0.0243%	1h	0.4294	−0.149%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4296	−0.107%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0017%	1h	0.4296	−0.115%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.218%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4299	−0.042%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4302	+0.033%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4299	−0.031%	$350K	$876K	10x
Hyperliquid ONDO	+0.0100%	1h	0.4298	−0.053%	$35.8M	$26.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4300	−0.013%	$774K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4299	−0.037%	$61.8M	$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	0.4296	−0.107%	$67.0M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4297	−0.084%	$17.1M	$72.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4316	+0.363%	$70K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4297	−0.077%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	−0.107%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4297	−0.084%	$42.3M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4295	−0.130%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4298	−0.060%	$24.6M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4297	−0.084%	—	$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	+0.447%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.037%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4302	+0.044%	$402K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4300	−0.014%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4298	−0.063%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4297	−0.084%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4299	−0.037%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4297	−0.084%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4306	+0.126%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4297	−0.084%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4297	−0.077%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4296	−0.116%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4299	−0.042%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.056%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4306	+0.126%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4305	+0.102%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0449%	1h	0.4297	−0.084%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4296	−0.110%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4298	−0.071%	$2K	—	20x	as long as short