Funding arb · Price arb /

ONDO

all ONDO markets

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 OKX+0.103%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.103%, 7d avg +0.037%

Together, before fees−0.106%−$11 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 0.066% dearer against OKX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4571	0.0100	pay 0.0050% / 4h	1h 26m	$17.8M	$81.7M	50x
Short	Backpack ONDO_USDC_PERP	0.4576	0.0100	get 0.0013% / 1h	26m 47s	$233K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.103%Rate

Funding earned: $0
Price spread: +0.103% → +0.037%: $6.62
Slippage, 4 orders: −$18.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.5
Costs to cover: 0.381%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 2 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 OKX live order book, 2 min ago	1.10 bp	10.1 bp −$10	23.5 bp −$235	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.11 bp	8.1 bp −$8	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	−0.0352%	1h	0.4573	+0.049%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4573	+0.049%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4573	+0.044%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4572	+0.033%	$431K	$700K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4575	+0.097%	$733K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4572	+0.026%	$67.5M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4573	+0.044%	$74.4M	$120.7M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4571	long leg	$17.8M	$81.7M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4557	−0.306%	$74K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4568	−0.068%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4572	+0.022%	$11.9M	$18.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4572	+0.022%	$47.9M	$44.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4572	+0.022%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4572	+0.022%	$25.9M	$41.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4572	+0.022%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4576	+0.103%	$233K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4539	−0.702%	$776K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4554	−0.368%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4558	−0.280%	$427K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4556	−0.328%	$163K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4576	+0.107%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4572	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4575	+0.088%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4577	+0.131%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	+0.066%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4566	−0.105%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4571	+0.004%	$409K	$861K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4580	+0.187%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4555	−0.361%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.066%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4575	+0.088%	$300K	$866K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4573	+0.044%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4578	+0.147%	$377	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0406%	1h	0.4575	+0.088%	$26K	$396K	25x	as long as short
Hyperliquid ONDO	+0.0419%	1h	0.4576	+0.116%	$41.0M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0623% / S −0.0204%	1h	0.4573	+0.054%	$569K	—	100x	as long as short
Lighter ONDO	+0.0680%	1h	0.4577	+0.123%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4575	+0.096%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3050%	1h	0.4555	−0.358%	$258K	$129K	5x	as long as short