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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Bybit−0.324%7-day average +0.028% · you buy dearer than you sell

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

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.545%+$55 · spread now −0.324%, 7d avg +0.028%

Together, before fees+0.546%+ Points / potential airdropVariational Omni: Active · farm board+$55 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 0.353% cheaper against Bybit than usual: you would sell low and buy high, −$35 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4401	0.0100	pay 0.0050% / 4h	29m 10s	$68.2M	$126.1M	50x
Short	Variational Omni ONDO	0.4387	0.0100	get 0.0050% / 4h	29m 10s	$712K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee Variational OmnibpOrdersPrice spread, now −0.324%Rate

Funding earned: $0
Price spread: −0.324% → +0.028%: −$35.26
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$46.26
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Variational Omni: RFQ quote, 5 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 Bybit live order book, 5 min ago	1.14 bp	10.0 bp −$10	15.2 bp −$152	49.4 bp −$4,936	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.59 bp	doesn't fit	18.4 bp −$184	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	0.4400	−0.025%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4401	+0.010%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.795%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4405	+0.080%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4402	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4402	+0.028%	$364K	$856K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4405	+0.102%	$37.7M	$24.6M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4403	+0.047%	$63.6M	$230.8M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4401	long leg	$68.2M	$126.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4398	−0.068%	$17.1M	$73.3M	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	0.4383	−0.407%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4400	−0.016%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	0.000%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4404	+0.068%	$44.4M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4403	+0.045%	$12.8M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4404	+0.068%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4402	+0.023%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4410	+0.207%	$188K	$979K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4387	−0.324%	$712K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4389	−0.270%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−0.227%	$411K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4373	−0.636%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4402	+0.030%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4406	+0.114%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4403	+0.045%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4411	+0.227%	$128K	$435K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4400	−0.023%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4402	+0.019%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4402	+0.014%	$397K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4404	+0.068%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4401	+0.005%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0237%	4h	0.4405	+0.091%	$743K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4404	+0.068%	$272K	$731K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4405	+0.091%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4380	−0.475%	$35K	$223K	10x	as long as short
dYdX ONDO-USD	+0.0394%	1h	0.4400	−0.018%	$249K	$129K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4404	+0.068%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4400	−0.022%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4405	+0.102%	$2K	—	20x	as long as short