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= −0.1% APRpaid last 24h −0.003%

Price spread now: Orderly against Backpack−0.012%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4325	0.0100	pay 0.0013% / 1h	2m 35s	$175K	$981K	15x
Short	Orderly PERP_ONDO_USDC	0.4325	0.0100	get 0.0050% / 4h	3h 02m	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.012%Rate

Funding earned: −$0.1
Price spread: −0.012% → 0.000%: −$1.16
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.26
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 56 min ago; Orderly: no order-book sample. Net counts fees only.

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, 56 min ago	0.91 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.4323	−0.050%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4329	+0.081%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.606%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4320	−0.134%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4325	−0.012%	$23K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4330	+0.116%	$357K	$862K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4320	−0.139%	$36.3M	$25.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4318	−0.163%	$62.2M	$233.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4315	−0.243%	$67.2M	$125.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4315	−0.243%	$17.0M	$72.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4344	+0.432%	$72K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4315	−0.247%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4316	−0.220%	$11.9M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4316	−0.220%	$42.5M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4318	−0.173%	$12.2M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4316	−0.220%	$24.7M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4316	−0.220%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4325	long leg	$175K	$981K	15x
Variational Omni ONDO	+0.0100%	4h	0.4334	+0.191%	$683K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4333	+0.183%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	+0.161%	$404K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.104%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	+0.160%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4328	+0.058%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4328	+0.058%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.335%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4330	+0.104%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4317	−0.194%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4314	−0.257%	$388K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4329	+0.069%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0125%	4h	0.4319	−0.150%	$774K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4315	−0.240%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4327	+0.035%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4333	+0.173%	$218K	$765K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4340	+0.344%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4329	+0.081%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0554% / S −0.0193%	1h	0.4329	+0.086%	$482K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4332	+0.144%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1172%	1h	0.4317	−0.191%	$247K	$133K	5x	as long as short