Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h +0.002%

Price spread now: Backpack against edgeX−0.066%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on edgeX Short on Backpack

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)+0.058%+$6 · spread now −0.066%, 7d avg +0.016%

Together, before fees+0.119%+ Points / potential airdropedgeX: Active · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.082% cheaper against edgeX than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.016%). If the spread goes back, that is −$8 on $10k: about 4.0 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.061% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4565	0.0100	pay 0.0050% / 4h	42m 33s	$5K	$320K	20x
Short	Backpack ONDO_USDC_PERP	0.4562	0.0168	get 0.0021% / 1h	42m 33s	$230K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −0.066%Rate

Funding earned: $14.37
Price spread: −0.066% → +0.016%: −$8.22
Slippage, 4 orders: −$18.2
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.05
Costs to cover: 0.372%
Break-even: 22.1 days

Slippage from edgeX: live order book, 36 min ago; Backpack: live order book, 1 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 edgeX live order book, 36 min ago	4.34 bp	8.8 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	1.86 bp	11.6 bp −$12	doesn't fit	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	−0.0800%	1h	0.4560	−0.125%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.059%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4561	−0.095%	$36K	$436K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	−0.419%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4561	−0.095%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4549	−0.358%	$430K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4558	−0.168%	$719K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4550	−0.329%	$68.0M	$227.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4551	−0.314%	$73.8M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4547	−0.401%	$17.7M	$80.9M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4551	−0.323%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4550	−0.337%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4549	−0.358%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4548	−0.380%	$49.3M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4549	−0.358%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4548	−0.380%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4547	−0.401%	—	$741K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.167%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4565	long leg	$5K	$320K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4563	−0.051%	$421K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4564	−0.029%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4551	−0.303%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4563	−0.051%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4560	−0.117%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4571	+0.124%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4563	−0.051%	$4.7M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4551	−0.324%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	−0.342%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4563	−0.051%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0168%	1h	0.4562	−0.066%	$230K	$1.0M	15x
Phoenix ONDO	+0.0244%	1h	0.4573	+0.179%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4574	+0.190%	$300K	$854K	50x	as long as short
Hyperliquid ONDO	+0.0328%	1h	0.4553	−0.263%	$40.4M	$26.9M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	−0.007%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4553	−0.268%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4546	−0.432%	$543K	—	100x	as long as short
Lighter ONDO	+0.0928%	1h	0.4567	+0.037%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4548	−0.387%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6087%	1h	0.4560	−0.122%	$258K	$131K	5x	as long as short