Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: OKX against Backpack−0.067%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

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

costs, in and out, $10k−$330.333% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.067%, 7d avg −0.018%

Together, before fees+0.017%+$2 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: OKX is 0.050% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4303	0.0100	pay 0.0013% / 1h	8m 36s	$180K	$980K	15x
Short	OKX ONDO-USDT-SWAP	0.4300	0.0100	get 0.0050% / 4h	1h 08m	$17.2M	$66.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.018%: −$4.98
Slippage, 4 orders: −$13.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$38.32
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; OKX: live order book, 3 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, 63 min ago	1.27 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.16 bp	7.3 bp −$7	17.8 bp −$178	144.0 bp −$14.4K	doesn't fit

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
Kraken Futures PF_ONDOUSD	−0.0327%	1h	0.4302	−0.030%	$2.5M	$6.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4300	−0.078%	$7K	—	150x	as long as short
Bybit ONDOUSDT	+0.0028%	4h	0.4301	−0.044%	$66.5M	$114.1M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.161%	$888	$215K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4303	−0.007%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4308	+0.109%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4300	−0.067%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4300	−0.062%	$332K	$819K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4306	+0.063%	$36.3M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4304	+0.026%	$761K	$2.8M	20x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4302	−0.012%	$62.1M	$215.2M	75x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4300	−0.067%	$17.2M	$66.6M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4291	−0.286%	$68K	$67K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4300	−0.069%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4301	−0.044%	$13.9M	$13.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4304	+0.026%	$43.7M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4302	−0.021%	$13.0M	$9.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4303	+0.002%	$24.8M	$31.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4303	+0.002%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4303	long leg	$180K	$980K	15x
Variational Omni ONDO	+0.0100%	4h	0.4289	−0.313%	$616K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4293	−0.226%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4294	−0.206%	$405K	$2.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4291	−0.277%	$85K	$350K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4303	−0.005%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.044%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4302	−0.021%	$447	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4304	+0.026%	$106K	$444K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4301	−0.044%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4302	−0.017%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4301	−0.053%	$348K	$761K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	−0.017%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0167% / S +0.0190%	1h	0.4295	−0.195%	$327K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4302	−0.021%	$21K	$354K	25x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4302	−0.021%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4305	+0.049%	$212K	$559K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4301	−0.044%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1167%	1h	0.4301	−0.050%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3731%	1h	0.4299	−0.088%	$246K	$160K	5x	as long as short