Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h +0.001%

Price spread now: Backpack against Phemex−0.149%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)+0.206%+$21 · spread now −0.149%, 7d avg +0.010%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Backpack is 0.159% cheaper against Phemex than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.196%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.196% in total (about 10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4431	0.0664	pay 0.0332% / 4h	2h 42m	$4.2M	$7.3M	50x
Short	Backpack ONDO_USDC_PERP	0.4424	0.0100	get 0.0013% / 1h	42m 52s	$198K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$118.51
Price spread: −0.149% → +0.010%: −$15.92
Slippage, 4 orders: −$42.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$199.15
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 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 Phemex live order book, 6 min ago	8.95 bp	19.9 bp −$20	26.9 bp −$269	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	1.80 bp	13.4 bp −$13	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	−0.0361%	1h	0.4429	−0.050%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4440	+0.206%	$251K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4430	−0.025%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.092%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4427	−0.090%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4434	+0.056%	$402K	$823K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4425	−0.125%	$681K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4424	−0.162%	$65.1M	$229.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4424	−0.158%	$71.2M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4425	−0.135%	$17.0M	$76.3M	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	0.4450	+0.438%	$73K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4431	+0.007%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4420	−0.248%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4421	−0.226%	$44.3M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4419	−0.271%	$13.4M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4420	−0.248%	$25.0M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4424	−0.158%	—	$760K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4424	−0.149%	$198K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4446	+0.334%	$791K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4458	+0.610%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	+0.136%	$409K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4459	+0.632%	$165K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4435	+0.084%	$77K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4433	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4431	0.000%	$461	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4441	+0.226%	$130K	$500K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4444	+0.287%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4422	−0.206%	$400K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4431	+0.001%	$38K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0185% / S +0.0187%	1h	0.4430	−0.017%	$511K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0202%	1h	0.4429	−0.045%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0259%	1h	0.4429	−0.050%	$39.1M	$25.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4453	+0.497%	$289K	$797K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4436	+0.111%	$365	$2K	10x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4452	+0.474%	$36K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+0.903%	$3.2M	$3.0M	75x	as long as short
Phemex ONDOUSDTlong	+0.0664%	4h	0.4431	long leg	$4.2M	$7.3M	50x
Lighter ONDO	+0.0728%	1h	0.4438	+0.149%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4433	+0.051%	$2K	—	20x	as long as short