Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against ApeX Omni−0.204%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.204%, 7d avg −0.032%

Together, before fees+0.180%+$18 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 0.172% cheaper against ApeX Omni than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ONDOUSDT	0.4317	0.0100	pay 0.0013% / 1h	31m 24s	$132K	$340K	50x
Short	Backpack ONDO_USDC_PERP	0.4308	0.0100	get 0.0013% / 1h	31m 24s	$171K	$996K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.204%Rate

Funding earned: $0
Price spread: −0.204% → −0.032%: −$17.21
Slippage, 4 orders: −$22.09
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$59.31
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 11 min ago; Backpack: live order book, 18 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 ApeX Omni live order book, 11 min ago	3.47 bp	11.4 bp −$11	25.7 bp −$257	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	1.84 bp	13.0 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	−0.0147%	1h	0.4307	−0.231%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4307	−0.232%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0005%	1h	0.4311	−0.148%	$242K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.814%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4314	−0.074%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4312	−0.116%	$346K	$899K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4315	−0.046%	$773K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4315	−0.050%	$62.4M	$236.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4312	−0.116%	$67.4M	$124.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4315	−0.046%	$17.1M	$72.5M	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	0.4318	+0.016%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4313	−0.100%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4311	−0.139%	$12.4M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4315	−0.046%	$42.7M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	−0.093%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4312	−0.116%	$24.7M	$39.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4312	−0.116%	—	$773K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4308	−0.204%	$171K	$996K	15x
Variational Omni ONDO	+0.0100%	4h	0.4310	−0.168%	$640K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4316	−0.019%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4316	−0.022%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDTlong	+0.0100%	1h	0.4317	long leg	$132K	$340K	50x
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	−0.023%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4307	−0.232%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4316	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4309	−0.185%	$448	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4316	−0.023%	$128K	$403K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4310	−0.162%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4311	−0.146%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0103%	1h	0.4316	−0.023%	$36.1M	$27.2M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4312	−0.105%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4310	−0.162%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4315	−0.058%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0214%	1h	0.4309	−0.185%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.232%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4316	−0.021%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4321	+0.093%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4307	−0.233%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4314	−0.075%	$2K	—	20x	as long as short