Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against SunX−0.062%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1591.591% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.062%, 7d avg +0.020%

Together, before fees+0.126%+$13 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 0.082% cheaper against SunX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4334	0.0100	pay 0.0050% / 4h	3h 52m	—	$1.4M	20x
Short	Backpack ONDO_USDC_PERP	0.4331	0.0100	get 0.0013% / 1h	52m 00s	$178K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.062%Rate

Funding earned: $0
Price spread: −0.062% → +0.020%: −$8.18
Slippage, 4 orders: −$141.06
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$167.25
Costs to cover: 1.591%
Break-even: never at this rate

Slippage from SunX: live order book, 2 min ago; Backpack: live order book, 2 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 SunX live order book, 2 min ago	47.37 bp	69.7 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.04 bp	7.4 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	−0.0176%	1h	0.4329	−0.108%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4331	−0.069%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4326	−0.189%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.399%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4335	+0.012%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4333	−0.029%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4334	−0.007%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4331	−0.069%	$63.3M	$234.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4329	−0.115%	$68.3M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.046%	$17.3M	$72.0M	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	0.4339	+0.104%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4333	−0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4330	−0.092%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	−0.069%	$44.6M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4330	−0.092%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4330	−0.092%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4331	−0.069%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4331	−0.062%	$178K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4321	−0.305%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4315	−0.427%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	−0.265%	$407K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	−0.485%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4333	−0.035%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4329	−0.115%	$23K	$6K	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4334	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4330	−0.092%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4342	+0.185%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4330	−0.092%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4328	−0.137%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4328	−0.135%	$364K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4332	−0.053%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.115%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4332	−0.042%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0304%	1h	0.4335	+0.025%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4330	−0.092%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4330	−0.095%	$495K	—	100x	as long as short
Hyperliquid ONDO	+0.0612%	1h	0.4337	+0.065%	$36.6M	$27.2M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4334	−0.011%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1608%	1h	0.4328	−0.131%	$243K	$155K	5x	as long as short