Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Bitget against Backpack−0.035%49s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.419% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.035%, 7d avg −0.006%

Together, before fees+0.021%+$2 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: Bitget is 0.029% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.006%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4335	0.0100	pay 0.0013% / 1h	11m 25s	$180K	$980K	15x
Short	Bitget ONDOUSDT	0.4334	0.0100	get 0.0050% / 4h	3h 11m	$24.8M	$39.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → −0.006%: −$2.88
Slippage, 4 orders: −$19.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$44.76
Costs to cover: 0.419%
Break-even: never at this rate

Slippage from Backpack: live order book, 48 min ago; Bitget: live order book, 3 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 Backpack live order book, 48 min ago	0.91 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.15 bp	11.4 bp −$11	18.2 bp −$182	55.7 bp −$5,565	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	−0.0162%	1h	0.4334	−0.042%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4333	−0.064%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.363%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.168%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4333	−0.058%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4337	+0.035%	$358K	$856K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4336	+0.012%	$62.6M	$232.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4332	−0.081%	$67.4M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4333	−0.058%	$17.0M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4331	−0.111%	$72K	$83K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4336	+0.013%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4334	−0.035%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4334	−0.035%	$42.7M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4334	−0.035%	$12.6M	$10.4M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4334	−0.035%	$24.8M	$39.8M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4334	−0.035%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4335	long leg	$180K	$980K	15x
Variational Omni ONDO	+0.0100%	4h	0.4351	+0.351%	$689K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4348	+0.283%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4349	+0.314%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4346	+0.242%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	−0.012%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4335	−0.012%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	−0.012%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4341	+0.127%	$128K	$427K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4337	+0.035%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4337	+0.042%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4333	−0.052%	$390K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4335	−0.012%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0142%	1h	0.4335	−0.014%	$36.7M	$25.2M	10x	as long as short
Aster ONDOUSDT	+0.0143%	4h	0.4337	+0.025%	$784K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4335	−0.012%	$357	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4334	−0.035%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4343	+0.173%	$219K	$765K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4356	+0.468%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4349	+0.311%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4334	−0.041%	$482K	—	100x	as long as short
dYdX ONDO-USD	+0.1131%	1h	0.4335	−0.006%	$245K	$129K	5x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4334	−0.023%	$2K	—	20x	as long as short