Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.083%

Price spread now: Backpack against Hyperliquid−0.037%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.037%, 7d avg −0.086%

Together, before fees−0.382%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 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 0.049% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4579	0.0100	pay 0.0013% / 1h	8m 05s	$40.5M	$26.3M	10x
Short	Backpack ONDO_USDC_PERP	0.4577	0.0100	get 0.0013% / 1h	8m 05s	$229K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.037%Rate

Funding earned: $0
Price spread: −0.037% → −0.086%: $4.92
Slippage, 4 orders: −$16.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$30.12
Costs to cover: 0.350%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.44 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.55 bp	10.8 bp −$11	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	−0.0797%	1h	0.4574	−0.106%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.236%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4575	−0.083%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	−0.122%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4572	−0.149%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4573	−0.127%	$439K	$705K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4579	long leg	$40.5M	$26.3M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4576	−0.051%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4575	−0.083%	$68.4M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4575	−0.083%	$74.1M	$120.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4575	−0.083%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4576	−0.068%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4570	−0.201%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4573	−0.127%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4575	−0.083%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4574	−0.105%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4574	−0.105%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4575	−0.083%	—	$740K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4577	−0.037%	$229K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.349%	$803K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4563	−0.345%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4561	−0.378%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4563	−0.345%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	−0.044%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4573	−0.127%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4575	−0.083%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4584	+0.114%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	−0.105%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4569	−0.203%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4573	−0.124%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4575	−0.083%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	−0.297%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4576	−0.063%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	−0.061%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4568	−0.236%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4574	−0.109%	$545K	—	100x	as long as short
Lighter ONDO	+0.0672%	1h	0.4583	+0.098%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4574	−0.109%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2714%	1h	0.4569	−0.206%	$259K	$132K	5x	as long as short