Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against HTX−0.168%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$860.857% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.263%+$26 · spread now −0.168%, 7d avg −0.133%

Together, before fees+0.259%+$26 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: Backpack is 0.035% cheaper against HTX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.133%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4345	0.0100	pay 0.0050% / 4h	2h 15m	$129K	$429K	50x
Short	Backpack ONDO_USDC_PERP	0.4338	0.0100	get 0.0013% / 1h	15m 08s	$176K	$988K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.168%Rate

Funding earned: $0
Price spread: −0.168% → −0.133%: −$3.51
Slippage, 4 orders: −$63.71
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$89.22
Costs to cover: 0.857%
Break-even: never at this rate

Slippage from HTX: live order book, 33 min ago; Backpack: live order book, 39 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 HTX live order book, 33 min ago	10.35 bp	50.7 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 39 min ago	1.27 bp	7.2 bp −$7	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	−0.0241%	1h	0.4335	−0.228%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4335	−0.232%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0011%	1h	0.4336	−0.202%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.132%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4341	−0.092%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4337	−0.184%	$349K	$883K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4341	−0.093%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4339	−0.128%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4338	−0.161%	$62.8M	$237.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4336	−0.207%	$67.7M	$126.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4339	−0.138%	$17.3M	$73.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	−0.299%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4336	−0.214%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4337	−0.184%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4338	−0.161%	$43.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4337	−0.184%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4338	−0.161%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4337	−0.184%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4338	−0.168%	$176K	$988K	15x
Variational Omni ONDO	+0.0100%	4h	0.4334	−0.258%	$639K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4343	−0.056%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.091%	$411K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4343	−0.046%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	−0.170%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	−0.207%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4339	−0.138%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4338	−0.161%	$451	$13K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4345	long leg	$129K	$429K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4337	−0.184%	$4.2M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4337	−0.174%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	−0.205%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	−0.131%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4337	−0.184%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4339	−0.138%	$217K	$760K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.025%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	−0.115%	$2.5M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4338	−0.161%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4334	−0.249%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4337	−0.195%	$2K	—	20x	as long as short