Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Nado−0.097%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.097%, 7d avg +0.019%

Together, before fees−0.091%+ Points / potential airdropNado: Active · farm board−$9 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 0.116% cheaper against Nado than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ONDO-PERP	0.4381	0.0100	pay 0.0012% / 1h	29m 15s	$362K	$842K	10x
Short	Backpack ONDO_USDC_PERP	0.4376	0.0100	get 0.0013% / 1h	29m 15s	$184K	$979K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now −0.097%Rate

Funding earned: $0
Price spread: −0.097% → +0.019%: −$11.56
Slippage, 4 orders: −$20.15
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.7
Costs to cover: 0.371%
Break-even: 5003855595492781.0 days

Slippage from Nado: live order book, 24 min ago; Backpack: live order book, 30 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 Nado live order book, 24 min ago	1.02 bp	7.7 bp −$8	17.0 bp −$170	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	0.91 bp	10.6 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	−0.0160%	1h	0.4375	−0.131%	$2.6M	$7.7M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4381	+0.004%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4378	−0.069%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.274%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4381	−0.001%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4375	−0.131%	$24K	$6K	10x	as long as short
Nado ONDO-PERPlong	+0.0100%	1h	0.4381	long leg	$362K	$842K	10x
Binance ONDOUSDT	+0.0100%	4h	0.4378	−0.062%	$63.3M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4375	−0.131%	$68.0M	$124.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4377	−0.086%	$17.2M	$72.4M	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	0.4388	+0.165%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4378	−0.070%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4376	−0.108%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4377	−0.086%	$43.7M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4378	−0.063%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4377	−0.086%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4377	−0.086%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4376	−0.097%	$184K	$979K	15x
Variational Omni ONDO	+0.0100%	4h	0.4390	+0.205%	$717K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4389	+0.185%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	+0.233%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4390	+0.211%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4379	−0.042%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4379	−0.040%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4378	−0.063%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4384	+0.074%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4379	−0.040%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4378	−0.053%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4375	−0.138%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4377	−0.074%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4379	−0.047%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0193%	4h	0.4380	−0.007%	$787K	$2.6M	20x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0207%	1h	0.4376	−0.108%	$18K	$367K	25x	as long as short
Hyperliquid ONDO	+0.0240%	1h	0.4380	−0.019%	$37.6M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4390	+0.211%	$260K	$718K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4385	+0.086%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4383	+0.051%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0557% / S −0.0193%	1h	0.4377	−0.093%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4379	−0.043%	$2K	—	20x	as long as short