ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0091%/8h= +9.9% APRnext payment +$0.11 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Polymarket Perps+0.066%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 7 days−0.408%−$41 · spread now +0.066%, 7d avg −0.052%

Together, before fees−0.399%−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.118% dearer against Polymarket Perps than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ONDO-USD	0.4415	0.0100	pay 0.0013% / 1h	35m 24s	$71K	$1.3M	10x
Short	Backpack ONDO_USDC_PERP	0.4418	0.0191	get 0.0024% / 1h	35m 24s	$190K	$979K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.066%Rate

Funding earned: $19.07
Price spread: +0.066% → −0.052%: $11.79
Slippage, 4 orders: −$13.34
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.49
Costs to cover: 0.313%
Break-even: 7.2 days

Slippage from Polymarket Perps: live order book, 3 min ago; Backpack: live order book, 34 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 Polymarket Perps live order book, 3 min ago	2.16 bp	6.8 bp −$7	7.0 bp −$70	doesn't fit	doesn't fit
Sell Backpack live order book, 34 min ago	1.94 bp	10.2 bp −$10	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
dYdX ONDO-USD	0.0000%	1h	0.4411	−0.088%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4412	−0.068%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.470%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4413	−0.037%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4412	−0.063%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4412	−0.052%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4415	+0.005%	$64.1M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4414	−0.018%	$69.7M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	+0.027%	$17.0M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	−0.435%	$72K	$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	0.4411	−0.092%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4412	−0.063%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4415	+0.005%	$46.9M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	−0.063%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4415	+0.005%	$25.2M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4416	+0.027%	—	$759K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.140%	$713K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4397	−0.409%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	−0.290%	$406K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4397	−0.403%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USDlong	+0.0100%	1h	0.4415	long leg	$71K	$1.3M	10x
SunX ONDO-USDT	+0.0100%	4h	0.4413	−0.041%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4415	+0.005%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.208%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4416	+0.027%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4413	−0.051%	$399K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4417	+0.060%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4412	−0.062%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0142%	4h	0.4417	+0.050%	$713K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0176%	1h	0.4418	+0.082%	$38.4M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0191%	1h	0.4418	+0.066%	$190K	$979K	15x
Phoenix ONDO	+0.0272%	1h	0.4398	−0.390%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4400	−0.335%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4407	−0.177%	$283K	$703K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4416	+0.034%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4415	+0.005%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4411	−0.079%	$487K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4419	+0.097%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1149%	1h	0.4415	+0.003%	$2K	—	20x	as long as short