Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Backpack against Gate+0.110%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$520.519% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 7 days−0.179%−$18 · spread now +0.110%, 7d avg +0.025%

Together, before fees−0.123%−$12 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 0.085% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4364	0.0100	pay 0.0050% / 4h	50m 19s	$11.5M	$16.1M	50x
Short	Backpack ONDO_USDC_PERP	0.4369	0.0100	get 0.0013% / 1h	50m 19s	$188K	$981K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.025%: $8.47
Slippage, 4 orders: −$26.89
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.43
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 14 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 Gate live order book, 3 min ago	2.28 bp	17.1 bp −$17	35.8 bp −$358	48.6 bp −$4,863	79.0 bp −$39.5K
Sell Backpack live order book, 14 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	0.4365	+0.025%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0015%	1h	0.4365	+0.029%	$247K	$129K	5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	−0.009%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.675%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4364	0.000%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4367	+0.069%	$370K	$842K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4369	+0.119%	$37.6M	$24.4M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4366	+0.046%	$63.0M	$228.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4359	−0.115%	$69.1M	$123.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4356	−0.183%	$16.9M	$71.2M	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	0.4386	+0.513%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4364	+0.007%	—	—	5x	as long as short
Gate ONDO_USDTlong	+0.0100%	4h	0.4364	long leg	$11.5M	$16.1M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4356	−0.183%	$47.0M	$41.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4358	−0.137%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4365	+0.023%	$24.9M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4367	+0.069%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4369	+0.110%	$188K	$981K	15x
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.017%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.589%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.574%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4387	+0.527%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4368	+0.082%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	+0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4366	+0.046%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4375	+0.252%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4365	+0.023%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4369	+0.106%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4364	−0.003%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4366	+0.057%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4367	+0.069%	$23K	$346K	25x	as long as short
Aster ONDOUSDT	+0.0208%	4h	0.4365	+0.033%	$732K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4366	+0.037%	$359	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4370	+0.142%	$1.1M	$2.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.687%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	+0.023%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4378	+0.328%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0225%	1h	0.4365	+0.024%	$526K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4367	+0.068%	$2K	—	20x	as long as short