Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.001%

Price spread now: MEXC against Backpack−0.025%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.025%, 7d avg −0.023%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4417	0.0175	pay 0.0022% / 1h	1m 59s	$197K	$988K	15x
Short	MEXC ONDO_USDT	0.4416	0.0100	get 0.0050% / 4h	2h 01m	$46.8M	$43.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$15.69
Price spread: −0.025% → −0.023%: −$0.18
Slippage, 4 orders: −$12.39
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$38.26
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Backpack: live order book, 7 min ago; MEXC: 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 Backpack live order book, 7 min ago	1.94 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.13 bp	1.1 bp −$1	5.8 bp −$58	24.5 bp −$2,447	121.2 bp −$60.6K

ONDO on 38 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	−0.0362%	1h	0.4412	−0.107%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4403	−0.315%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4415	−0.048%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.416%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4414	−0.070%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4415	−0.048%	$381K	$833K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4416	−0.025%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4416	−0.025%	$64.1M	$226.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4416	−0.025%	$69.9M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	−0.025%	$17.1M	$72.9M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.647%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4411	−0.136%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4412	−0.115%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4416	−0.025%	$46.8M	$43.8M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4415	−0.048%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4416	−0.025%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4414	−0.070%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.552%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.564%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.412%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.636%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4416	−0.027%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4416	−0.025%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	−0.048%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.156%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	−0.126%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4415	−0.037%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4417	+0.007%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERPlong	+0.0175%	1h	0.4417	long leg	$197K	$988K	15x
Phemex ONDOUSDT	+0.0187%	4h	0.4414	−0.070%	$4.2M	$7.5M	50x	as long as short
Hyperliquid ONDO	+0.0228%	1h	0.4417	−0.011%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.111%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4393	−0.548%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4416	−0.020%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4416	−0.025%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4415	−0.052%	$487K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4422	+0.109%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4416	−0.025%	$2K	—	20x	as long as short