Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Bitget−0.201%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 7 days+0.260%+$26 · spread now −0.201%, 7d avg +0.009%

Together, before fees+0.327%+$33 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 0.210% cheaper against Bitget than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4320	0.0100	pay 0.0050% / 4h	2h 22m	$24.8M	$39.9M	50x
Short	Backpack ONDO_USDC_PERP	0.4311	0.0100	get 0.0013% / 1h	22m 35s	$177K	$988K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.201%Rate

Funding earned: $0
Price spread: −0.201% → +0.009%: −$21.02
Slippage, 4 orders: −$20.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$63.14
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Backpack: live order book, 31 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 Bitget live order book, 1 min ago	3.48 bp	10.5 bp −$11	17.7 bp −$177	67.6 bp −$6,761	doesn't fit
Sell Backpack live order book, 31 min ago	1.27 bp	7.2 bp −$7	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	−0.0242%	1h	0.4305	−0.347%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4306	−0.326%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4315	−0.111%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.741%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4320	−0.012%	$1.1M	$2.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0096%	1h	0.4322	+0.039%	$356	$2K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4307	−0.301%	$347K	$882K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4317	−0.074%	$36.0M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4322	+0.052%	$773K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4322	+0.046%	$62.2M	$236.7M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4319	−0.023%	$67.4M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4320	0.000%	$17.2M	$73.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4298	−0.519%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4318	−0.038%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4317	−0.069%	$12.1M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	0.000%	$42.7M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4315	−0.116%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4320	long leg	$24.8M	$39.9M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4319	−0.023%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4311	−0.201%	$177K	$988K	15x
Variational Omni ONDO	+0.0100%	4h	0.4294	−0.607%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4298	−0.498%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4298	−0.513%	$396K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	−0.440%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4308	−0.273%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4306	−0.324%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	−0.301%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4308	−0.278%	$448	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4313	−0.162%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4310	−0.231%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4315	−0.119%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4319	−0.021%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4309	−0.266%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4308	−0.278%	$216K	$757K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4301	−0.449%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4308	−0.278%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0447%	1h	0.4308	−0.278%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4306	−0.330%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4307	−0.301%	$2K	—	20x	as long as short