Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Nado against Backpack+0.024%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.215%+$21 · spread now +0.024%, 7d avg −0.016%

Together, before fees+0.232%+ Points / potential airdropNado: Active · farm board+$23 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: Nado is 0.040% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4341	0.0100	pay 0.0013% / 1h	18m 47s	$181K	$1.0M	15x
Short	Nado ONDO-PERP	0.4342	0.0100	get 0.0012% / 1h	18m 47s	$339K	$866K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → −0.016%: $4
Slippage, 4 orders: −$18.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$31.72
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Nado: live order book, 32 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, 3 min ago	0.46 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 32 min ago	1.27 bp	7.5 bp −$7	25.3 bp −$253	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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4341	−0.005%	$22K	$384K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4340	−0.033%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4340	−0.036%	$2.6M	$7.5M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.224%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4345	+0.099%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4339	−0.051%	$23K	$6K	10x	as long as short
Nado ONDO-PERPshort	+0.0100%	1h	0.4342	+0.024%	$339K	$866K	10x
Hyperliquid ONDO	+0.0100%	1h	0.4343	+0.039%	$36.5M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4342	+0.014%	$776K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4339	−0.050%	$63.4M	$227.5M	75x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4338	−0.074%	$68.5M	$119.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4340	−0.028%	$17.3M	$69.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4342	+0.016%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4346	+0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4339	−0.051%	$13.7M	$14.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4339	−0.051%	$44.9M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4341	−0.005%	$13.1M	$9.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4340	−0.028%	$25.2M	$35.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4339	−0.051%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4341	long leg	$181K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4345	+0.079%	$801K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4349	+0.171%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4346	+0.119%	$401K	$1.8M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4352	+0.249%	$134K	$320K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4343	+0.032%	$60K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4340	−0.028%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4341	−0.005%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4346	+0.111%	$106K	$489K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4341	−0.005%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4339	−0.062%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	−0.081%	$364K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4342	+0.023%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4341	+0.005%	$357	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4353	+0.274%	$35K	$217K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4353	+0.272%	$214K	$633K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4343	+0.041%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4340	−0.021%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1165%	1h	0.4346	+0.100%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2857%	1h	0.4340	−0.018%	$248K	$160K	5x	as long as short