Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.070%

Price spread now: Backpack against BloFin−0.110%66s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.396% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.403%−$40 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.110%, 7d avg −0.007%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.103% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.007%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4375	0.0340	pay 0.0170% / 4h	41m 25s	$3.1M	$3.0M	75x
Short	Backpack ONDO_USDC_PERP	0.4370	0.0100	get 0.0013% / 1h	41m 25s	$187K	$981K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$50.4
Price spread: −0.110% → −0.007%: −$10.26
Slippage, 4 orders: −$17.6
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$100.26
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Backpack: live order book, 23 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 BloFin live order book, 2 min ago	2.29 bp	12.1 bp −$12	17.6 bp −$176	33.3 bp −$3,332	doesn't fit
Sell Backpack live order book, 23 min ago	0.23 bp	9.0 bp −$9	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4369	−0.140%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4366	−0.206%	$2.6M	$7.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.411%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4371	−0.091%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4372	−0.074%	$370K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4374	−0.017%	$37.5M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4372	−0.060%	$63.0M	$229.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4371	−0.091%	$69.1M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4371	−0.091%	$16.9M	$72.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4381	+0.135%	$72K	$84K	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	0.4370	−0.121%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4369	−0.137%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4373	−0.046%	$45.8M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4370	−0.114%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4371	−0.091%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4370	−0.114%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4370	−0.110%	$187K	$981K	15x
Variational Omni ONDO	+0.0100%	4h	0.4374	−0.030%	$709K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4378	+0.062%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4376	+0.020%	$410K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4376	+0.023%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4373	−0.041%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4373	−0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4373	−0.046%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4378	+0.069%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4368	−0.160%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4372	−0.058%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4372	−0.077%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4374	−0.021%	$38K	$13K	3x	as long as short
Lighter ONDO	+0.0120%	1h	0.4377	+0.041%	$1.1M	$2.4M	10x	as long as short
Aster ONDOUSDT	+0.0214%	4h	0.4373	−0.046%	$742K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4372	−0.064%	$360	$2K	10x	as long as short
dYdX ONDO-USD	+0.0241%	1h	0.4368	−0.169%	$247K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.434%	$276K	$718K	50x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4375	long leg	$3.1M	$3.0M	75x
Phoenix ONDO	+0.0365%	1h	0.4374	−0.034%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4369	−0.149%	$519K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0665%	1h	0.4374	−0.023%	$23K	$346K	25x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4371	−0.093%	$2K	—	20x	as long as short