Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Variational Omni against Backpack−0.069%7-day average −0.024% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.368%+$37 · spread now −0.069%, 7d avg −0.024%

Together, before fees+0.336%+ Points / potential airdropVariational Omni: Active · farm board+$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: Variational Omni is 0.045% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ONDO_USDC_PERP	0.4393	0.0100	pay 0.0013% / 1h	55m 56s	$189K	$982K	15x
Short	Variational Omni ONDO	0.4390	0.0100	get 0.0050% / 4h	55m 56s	$711K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → −0.024%: −$4.46
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.46
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 8 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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 Backpack live order book, 8 min ago	0.23 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	5.71 bp	doesn't fit	12.6 bp −$126	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.063%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4389	−0.086%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.988%	$888	$216K	5.5x	as long as short
dYdX ONDO-USD	+0.0046%	1h	0.4383	−0.233%	$248K	$129K	5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4390	−0.064%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4390	−0.052%	$372K	$841K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4394	+0.027%	$37.8M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4391	−0.041%	$63.4M	$227.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4391	−0.041%	$69.5M	$123.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.018%	$17.0M	$71.7M	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	0.4372	−0.478%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4385	−0.170%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4390	−0.064%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4390	−0.064%	$47.1M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4391	−0.041%	$12.9M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4391	−0.041%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4391	−0.041%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4393	long leg	$189K	$982K	15x
Variational Omni ONDOshort	+0.0100%	4h	0.4390	−0.069%	$711K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4381	−0.261%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4388	−0.110%	$413K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4380	−0.291%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4389	−0.089%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4391	−0.041%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4391	−0.041%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	+0.164%	$128K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4390	−0.064%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4387	−0.135%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4391	−0.052%	$397K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4389	−0.077%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0205%	4h	0.4393	+0.006%	$736K	$2.4M	20x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4385	−0.189%	$35K	$223K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4389	−0.080%	$361	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4387	−0.132%	$276K	$718K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4378	−0.337%	$3.1M	$2.9M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0433%	1h	0.4393	+0.005%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4389	−0.077%	$484K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4398	+0.118%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4391	−0.041%	$2K	—	20x	as long as short