Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Binance+0.025%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days−0.053%−$5 · spread now +0.025%, 7d avg −0.006%

Together, before fees+0.013%+$1 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: Backpack is 0.031% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4336	0.0100	pay 0.0050% / 4h	3h 56m	$63.3M	$234.3M	75x
Short	Backpack ONDO_USDC_PERP	0.4337	0.0100	get 0.0013% / 1h	56m 55s	$176K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0
Price spread: +0.025% → −0.006%: $3.11
Slippage, 4 orders: −$12.22
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.12
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Backpack: live order book, 47 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 Binance live order book, 2 min ago	1.15 bp	7.6 bp −$8	13.3 bp −$133	54.5 bp −$5,448	doesn't fit
Sell Backpack live order book, 47 min ago	1.73 bp	8.3 bp −$8	doesn't fit	doesn't fit	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	−0.0176%	1h	0.4334	−0.052%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4334	−0.047%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.351%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4340	+0.081%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4335	−0.023%	$347K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4336	+0.009%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4336	long leg	$63.3M	$234.3M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4334	−0.046%	$68.4M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4335	−0.023%	$17.3M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.427%	$71K	$80K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4335	−0.026%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4335	−0.023%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4336	0.000%	$44.3M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4335	−0.023%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4334	−0.046%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4336	0.000%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4337	+0.025%	$176K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.279%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4322	−0.314%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	−0.273%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	−0.346%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	−0.035%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4334	−0.046%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	0.000%	$2K	$15K	10x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4334	−0.046%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4334	−0.048%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4334	−0.037%	$366K	$827K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4338	+0.047%	$38K	$13K	3x	as long as short
HTX ONDO-USDT	+0.0106%	4h	0.4344	+0.185%	$129K	$369K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4337	+0.023%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.069%	$214K	$735K	50x	as long as short
01 Exchange ONDOUSD	+0.0304%	1h	0.4338	+0.048%	$357	$2K	10x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	−0.175%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	−0.023%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4333	−0.063%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0617%	1h	0.4340	+0.097%	$36.6M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4334	−0.039%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1751%	1h	0.4329	−0.151%	$243K	$155K	5x	as long as short