Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.019%

Price spread now: Variational Omni against Deribit−0.011%7-day average −0.032% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.103%−$10 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now −0.011%, 7d avg −0.032%

Together, before fees−0.057%+ Points / potential airdropVariational Omni: Active · farm board−$6 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 Variational Omni is 0.022% dearer against Deribit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.032%. Mind the row above: over the last 3 days funding on this pair cost −0.103%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4504	0	get 0.0000% / 1h	47m 07s	$29K	$354K	25x
Short	Variational Omni ONDO	0.4504	0.0100	get 0.0050% / 4h	2h 47m	$798K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.011%Rate

Funding earned: $21
Price spread: −0.011% → −0.032%: $2.18
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $16.18
Costs to cover: 0.070%
Break-even: 1.6 days

Slippage unknown: Deribit: live order book, 41 min ago; Variational Omni: RFQ quote, 2 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 Deribit live order book, 41 min ago	8.89 bp	12.4 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.67 bp	doesn't fit	17.8 bp −$178	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	−0.1129%	1h	0.4505	+0.021%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUALlong	0.0000%	1h	0.4504	long leg	$29K	$354K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4503	−0.024%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4508	+0.098%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.954%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4503	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	−0.006%	$429K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4505	+0.026%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4505	+0.022%	$752K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4503	−0.031%	$66.3M	$219.9M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4500	−0.089%	$72.4M	$117.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4501	−0.067%	$17.6M	$79.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4509	+0.107%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4503	−0.027%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4500	−0.089%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4502	−0.044%	$47.4M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4502	−0.044%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4502	−0.044%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4501	−0.067%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4503	−0.022%	$194K	$970K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4504	−0.011%	$798K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4503	−0.019%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4501	−0.076%	$417K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	+0.044%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4504	−0.002%	$79K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4503	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4502	−0.044%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4512	+0.178%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4501	−0.067%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4502	−0.051%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4502	−0.047%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4504	+0.005%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.355%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4507	+0.067%	$3.2M	$3.0M	75x	as long as short
Lighter ONDO	+0.0416%	1h	0.4509	+0.120%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0504%	1h	0.4507	+0.073%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0203%	1h	0.4502	−0.048%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4503	−0.026%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0398%	1h	0.4503	−0.015%	$255K	$117K	5x	as long as short