Funding arb · Price arb /

ONDO

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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 edgeX+0.142%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.549%−$55 · spread now +0.142%, 7d avg 0.000%

Together, before fees−0.485%+ Points / potential airdropedgeX: Active · farm board−$48 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 0.142% dearer against edgeX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ONDOUSDC	0.4330	0.0100	pay 0.0050% / 4h	3h 49m	$5K	$316K	20x
Short	Backpack ONDO_USDC_PERP	0.4336	0.0100	get 0.0013% / 1h	49m 07s	$179K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.142%Rate

Funding earned: $0
Price spread: +0.142% → 0.000%: $14.19
Slippage, 4 orders: −$18.23
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.04
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from edgeX: live order book, 49 min ago; Backpack: live order book, 5 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 edgeX live order book, 49 min ago	4.63 bp	9.1 bp −$9	15.5 bp −$155	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	1.04 bp	7.4 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	−0.0176%	1h	0.4334	+0.076%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4336	+0.130%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4339	+0.200%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.488%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4340	+0.214%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	+0.211%	$347K	$890K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	+0.213%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4337	+0.151%	$63.4M	$234.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4335	+0.107%	$68.4M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4338	+0.177%	$17.4M	$72.1M	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	0.4341	+0.255%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	+0.216%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4335	+0.107%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4335	+0.107%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4335	+0.107%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4336	+0.130%	$24.8M	$36.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4336	+0.130%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4336	+0.142%	$179K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4339	+0.195%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4330	long leg	$5K	$316K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	+0.050%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	+0.015%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4339	+0.209%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	+0.130%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4338	+0.177%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	+0.130%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.315%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4336	+0.130%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4339	+0.202%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	+0.123%	$364K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	+0.188%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.200%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4338	+0.167%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4342	+0.269%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	+0.177%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4338	+0.182%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0634%	1h	0.4341	+0.257%	$36.7M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4336	+0.119%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1694%	1h	0.4334	+0.094%	$243K	$155K	5x	as long as short