Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against HTX−0.547%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.624%+$62 · spread now −0.547%, 7d avg −0.126%

Together, before fees+0.618%+$62 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 0.420% cheaper against HTX than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4573	0.0100	pay 0.0050% / 4h	1h 32m	$133K	$512K	50x
Short	Backpack ONDO_USDC_PERP	0.4548	0.0100	get 0.0013% / 1h	32m 49s	$232K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.547%Rate

Funding earned: $0
Price spread: −0.547% → −0.126%: −$42.05
Slippage, 4 orders: −$37.94
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$101.99
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from HTX: live order book, 51 min ago; Backpack: live order book, 1 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 HTX live order book, 51 min ago	11.04 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	2.85 bp	12.1 bp −$12	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	−0.0354%	1h	0.4546	−0.592%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4549	−0.525%	$26K	$396K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4549	−0.517%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4549	−0.525%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4557	−0.350%	$430K	$697K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4549	−0.535%	$729K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4546	−0.587%	$67.2M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4545	−0.612%	$74.1M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4544	−0.634%	$17.7M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4573	−0.004%	$74K	$86K	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	0.4557	−0.352%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4544	−0.634%	$11.8M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4545	−0.612%	$47.8M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4546	−0.590%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4546	−0.590%	$25.7M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4546	−0.590%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4548	−0.547%	$232K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4567	−0.132%	$778K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4559	−0.316%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	−0.265%	$428K	$938K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4555	−0.389%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4549	−0.525%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	−0.547%	$473	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4573	long leg	$133K	$512K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4546	−0.590%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4558	−0.320%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4545	−0.608%	$407K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4554	−0.424%	$44K	$8K	3x	as long as short
ApeX Omni ONDOUSDT	+0.0129%	1h	0.4560	−0.284%	$161K	$334K	50x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4569	−0.092%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.109%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4564	−0.197%	$300K	$865K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4549	−0.525%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4561	−0.260%	$375	$2K	10x	as long as short
Hyperliquid ONDO	+0.0461%	1h	0.4551	−0.472%	$40.7M	$27.5M	10x	as long as short
Lighter ONDO	+0.0592%	1h	0.4556	−0.383%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0636% / S −0.0211%	1h	0.4549	−0.529%	$577K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4552	−0.451%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1976%	1h	0.4560	−0.275%	$258K	$130K	5x	as long as short