Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Nado+0.090%7-day average +0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.794%−$79 · spread now +0.090%, 7d avg +0.017%

Together, before fees−0.812%+ Points / potential airdropNado: Active · farm board−$81 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 0.073% dearer against Nado than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4297	0.0100	pay 0.0012% / 1h	20m 16s	$344K	$886K	10x
Short	Backpack ONDO_USDC_PERP	0.4301	0.0100	get 0.0013% / 1h	20m 16s	$173K	$997K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.090%Rate

Funding earned: $0
Price spread: +0.090% → +0.017%: $7.3
Slippage, 4 orders: −$18.83
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.52
Costs to cover: 0.358%
Break-even: 2930412975850425.5 days

Slippage from Nado: live order book, 18 min ago; Backpack: live order book, 24 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 Nado live order book, 18 min ago	0.35 bp	8.5 bp −$8	18.6 bp −$186	doesn't fit	doesn't fit
Sell Backpack live order book, 24 min ago	1.73 bp	8.3 bp −$8	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	−0.0177%	1h	0.4298	+0.025%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	+0.038%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.301%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4304	+0.152%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4297	long leg	$344K	$886K	10x
Aster ONDOUSDT	+0.0100%	4h	0.4302	+0.100%	$749K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4302	+0.118%	$62.6M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4300	+0.064%	$67.6M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4301	+0.087%	$17.2M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	−0.092%	$71K	$80K	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	0.4297	+0.001%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	−0.029%	$12.9M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4301	+0.087%	$43.6M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4300	+0.064%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4301	+0.087%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4301	+0.087%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4301	+0.090%	$173K	$997K	15x
Variational Omni ONDO	+0.0100%	4h	0.4292	−0.128%	$673K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.106%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4299	+0.029%	$396K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4302	+0.111%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4298	+0.027%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4297	−0.006%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4298	+0.017%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4300	+0.064%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4306	+0.204%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4301	+0.087%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4296	−0.024%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4298	+0.026%	$352K	$802K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	+0.122%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4299	+0.050%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.367%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.299%	$35K	$221K	10x	as long as short
Hyperliquid ONDO	+0.0337%	1h	0.4301	+0.094%	$36.3M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4300	+0.064%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0448%	1h	0.4301	+0.087%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4299	+0.036%	$491K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4297	+0.006%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1671%	1h	0.4296	−0.025%	$241K	$156K	5x	as long as short