Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Backpack against Ondo Perps−0.295%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.295% cheaper against Ondo Perps than usual: you would sell low and buy high, −$30 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ONDO-USD.P	0.4367	0.0100	pay 0.0013% / 1h	56m 02s	$72K	$78K	10x
Short	Backpack ONDO_USDC_PERP	0.4354	0.0100	get 0.0013% / 1h	56m 02s	$185K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Ondo Perps. 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 Ondo PerpsbpFee BackpackbpOrdersPrice spread, now −0.295%Rate

Funding earned: $0
Price spread: −0.295% → 0.000%: −$29.54
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$44.54
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Backpack: live order book, 8 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Backpack live order book, 8 min ago	2.85 bp	10.7 bp −$11	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	+0.267%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4357	−0.224%	$2.5M	$7.4M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.600%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4365	−0.057%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	−0.128%	$342K	$873K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4354	−0.300%	$759K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4352	−0.346%	$63.5M	$228.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4344	−0.529%	$68.2M	$120.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4346	−0.483%	$17.3M	$70.1M	50x	as long as short
Ondo Perps ONDO-USD.Plong	+0.0100%	1h	0.4367	long leg	$72K	$78K	10x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4362	−0.115%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4353	−0.323%	$13.5M	$14.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4355	−0.277%	$44.0M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4356	−0.254%	$13.1M	$10.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4354	−0.300%	$25.3M	$35.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4352	−0.346%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4354	−0.295%	$185K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4372	+0.105%	$776K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4373	+0.136%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	+0.250%	$403K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4380	+0.295%	$136K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4365	−0.053%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4358	−0.208%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4359	−0.185%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4360	−0.163%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4372	+0.112%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4356	−0.254%	$4.3M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4364	−0.063%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4357	−0.226%	$363K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4357	−0.237%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0124%	1h	0.4356	−0.254%	$36.6M	$27.9M	10x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4363	−0.092%	$359	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0209%	1h	0.4361	−0.140%	$24K	$363K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4363	−0.094%	$216K	$707K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4372	+0.103%	$35K	$217K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4366	−0.025%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4359	−0.187%	$504K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1164%	1h	0.4357	−0.240%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4219%	1h	0.4363	−0.091%	$250K	$160K	5x	as long as short