Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Paradex+0.039%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: 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 0.039% dearer against Paradex than usual: you sell high and buy low, +$4 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	Paradex ONDO-USD-PERP	0.4498	0.0100	pay 0.0100% / 8h	2h 05m	$6K	$9	10x
Short	Backpack ONDO_USDC_PERP	0.4500	0.0100	get 0.0013% / 1h	5m 18s	$194K	$973K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$0.04
Price spread: +0.039% → 0.000%: $3.91
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$10.12
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 19 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 19 min ago	1.00 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit

Paradex: 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
Kraken Futures PF_ONDOUSD	−0.1131%	1h	0.4496	−0.053%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4497	−0.021%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4496	−0.032%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	+0.057%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.535%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4497	−0.021%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4497	−0.026%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4501	+0.060%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4497	−0.016%	$66.2M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4497	−0.021%	$72.8M	$118.1M	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	0.4496	−0.043%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4520	+0.488%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4499	+0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4495	−0.065%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4499	+0.024%	$47.1M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4496	−0.043%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4497	−0.021%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4497	−0.021%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4500	+0.039%	$194K	$973K	15x
Variational Omni ONDO	+0.0100%	4h	0.4496	−0.036%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.400%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4514	+0.364%	$426K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	+0.179%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4500	+0.048%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4497	−0.021%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4498	+0.001%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4506	+0.179%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4499	+0.024%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0100%	8h	0.4498	long leg	$6K	$9	10x
Extended ONDO-USD	+0.0104%	1h	0.4499	+0.017%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4498	+0.001%	$35K	—	3x	as long as short
Hyperliquid ONDO	+0.0284%	1h	0.4502	+0.095%	$40.2M	$27.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4501	+0.068%	$297K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+0.313%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4504	+0.141%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4505	+0.164%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4497	−0.030%	$541K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4498	−0.004%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9354%	1h	0.4499	+0.023%	$255K	$129K	5x	as long as short