Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against MEXC+0.422%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs+$19as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 7 days−0.401%−$40 · spread now +0.422%, 7d avg +0.009%

Together, before fees−0.338%−$34 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 0.413% dearer against MEXC than usual: you sell high and buy low, +$41 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ONDO_USDT	0.4312	0.0100	pay 0.0050% / 4h	2h 34m	$42.9M	$42.2M	200x
Short	Backpack ONDO_USDC_PERP	0.4330	0.0100	get 0.0013% / 1h	34m 45s	$177K	$986K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.422%Rate

Funding earned: $0
Price spread: +0.422% → +0.009%: $41.29
Slippage, 4 orders: −$12.3
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $18.99
Costs to cover: 0.223%
Break-even: from the start

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 19 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 MEXC live order book, 4 min ago	1.16 bp	1.2 bp −$1	3.5 bp −$35	15.9 bp −$1,589	100.4 bp −$50.2K
Sell Backpack live order book, 19 min ago	1.27 bp	7.2 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	−0.0241%	1h	0.4332	+0.467%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	+0.466%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0020%	1h	0.4313	+0.030%	$242K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.937%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4331	+0.448%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4316	+0.090%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4332	+0.464%	$353K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4315	+0.065%	$36.1M	$26.0M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4315	+0.070%	$776K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	+0.023%	$62.1M	$235.6M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4310	−0.046%	$67.2M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4312	0.000%	$17.2M	$73.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4314	+0.051%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4328	+0.379%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4316	+0.093%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4312	long leg	$42.9M	$42.2M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4313	+0.023%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4314	+0.046%	$24.7M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4315	+0.070%	—	$765K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4330	+0.422%	$177K	$986K	15x
Variational Omni ONDO	+0.0100%	4h	0.4320	+0.182%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4316	+0.093%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	+0.199%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4316	+0.093%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	+0.459%	$68K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4333	+0.487%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4332	+0.464%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	+0.533%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.649%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4332	+0.464%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4312	−0.009%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4322	+0.223%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	+0.566%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.788%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	+0.019%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	+0.464%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4329	+0.394%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0673%	1h	0.4336	+0.557%	$18K	$362K	25x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4332	+0.453%	$2K	—	20x	as long as short