Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: OKX against Backpack−0.013%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.013%, 7d avg −0.035%

Together, before fees+0.041%+$4 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: OKX is 0.022% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4505	0.0100	pay 0.0013% / 1h	11m 36s	$192K	$971K	15x
Short	OKX ONDO-USDT-SWAP	0.4504	0.0100	get 0.0050% / 4h	2h 11m	$17.7M	$79.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.013%Rate

Funding earned: $0
Price spread: −0.013% → −0.035%: $2.18
Slippage, 4 orders: −$21.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$39.17
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from Backpack: live order book, 12 min ago; OKX: 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, 12 min ago	1.00 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.11 bp	12.8 bp −$13	23.4 bp −$234	86.2 bp −$8,622	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	−0.1131%	1h	0.4498	−0.146%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4503	−0.036%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4500	−0.098%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4528	+0.528%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.386%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4499	−0.124%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4495	−0.213%	$421K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4504	−0.022%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4504	−0.012%	$66.4M	$221.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4503	−0.036%	$72.9M	$118.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4504	−0.013%	$17.7M	$79.8M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4495	−0.215%	$71K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4507	+0.051%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4505	+0.009%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4503	−0.036%	$47.2M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4502	−0.058%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4506	+0.031%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	+0.031%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4505	long leg	$192K	$971K	15x
Variational Omni ONDO	+0.0100%	4h	0.4521	+0.371%	$794K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	+0.295%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4528	+0.520%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4520	+0.342%	$159K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4499	−0.133%	$91K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4501	−0.080%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4501	−0.080%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4505	+0.009%	$129K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4502	−0.058%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	−0.016%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4505	+0.004%	$401K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4503	−0.036%	$35K	—	3x	as long as short
Hyperliquid ONDO	+0.0279%	1h	0.4508	+0.073%	$40.2M	$27.9M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.764%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4505	+0.009%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4512	+0.166%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4512	+0.166%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0191%	1h	0.4500	−0.097%	$541K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4498	−0.154%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9339%	1h	0.4504	−0.013%	$255K	$129K	5x	as long as short