Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: HTX against Backpack+0.190%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$860.858% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now +0.190%, 7d avg +0.132%

Together, before fees−0.241%−$24 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: HTX is 0.058% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4316	0.0100	pay 0.0013% / 1h	52m 02s	$179K	$988K	15x
Short	HTX ONDO-USDT	0.4324	0.0100	get 0.0050% / 4h	1h 52m	$105K	$478K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.190%Rate

Funding earned: $0
Price spread: +0.190% → +0.132%: $5.77
Slippage, 4 orders: −$63.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$80.06
Costs to cover: 0.858%
Break-even: never at this rate

Slippage from Backpack: live order book, 20 min ago; HTX: live order book, 59 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, 20 min ago	1.27 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 59 min ago	15.00 bp	45.7 bp −$46	doesn't fit	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0326%	1h	0.4314	−0.032%	$2.5M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4315	−0.019%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4322	+0.133%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.844%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4321	+0.114%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4313	−0.065%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4316	+0.005%	$337K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4317	+0.028%	$769K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4315	−0.019%	$62.9M	$222.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4311	−0.111%	$67.5M	$116.6M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4313	−0.065%	$17.3M	$66.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4319	+0.072%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4315	−0.021%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4314	−0.042%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4316	+0.005%	$46.3M	$39.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4314	−0.042%	$13.1M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4316	+0.005%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4316	+0.005%	—	$783K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4316	long leg	$179K	$988K	15x
Variational Omni ONDO	+0.0100%	4h	0.4321	+0.130%	$799K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4331	+0.362%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4326	+0.236%	$404K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4326	+0.236%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4316	−0.005%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4313	−0.065%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4315	−0.019%	$2K	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4324	+0.190%	$105K	$478K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4315	−0.019%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4315	−0.012%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4313	−0.075%	$353K	$779K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4316	+0.005%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0152%	1h	0.4316	−0.005%	$355	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0184% / S +0.0251%	1h	0.4315	−0.019%	$364K	—	100x	as long as short
Hyperliquid ONDO	+0.0203%	1h	0.4319	+0.079%	$36.4M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4332	+0.371%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4353	+0.862%	$214K	$617K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4325	+0.213%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4313	−0.056%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3933%	1h	0.4319	+0.071%	$247K	$159K	5x	as long as short