Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −1.392%

Price spread now: Variational Omni against dYdX−0.017%7-day average +0.008% · you buy dearer than you sell

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

Long on dYdX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−2.724%−$272 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.017%, 7d avg +0.008%

Together, before fees−2.551%+ Points / potential airdropVariational Omni: Active · farm board−$255 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.025% cheaper against dYdX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4399	0.0200	pay 0.0025% / 1h	0m 40s	$249K	$129K	5x
Short	Variational Omni ONDO	0.4399	0.0100	get 0.0050% / 4h	0m 40s	$719K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against dYdX. 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 dYdXbpFee Variational OmnibpOrdersPrice spread, now −0.017%Rate

Funding earned: −$21.06
Price spread: −0.017% → +0.008%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.56
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 58 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 dYdX live order book, 58 min ago	27.22 bp	34.2 bp −$34	94.8 bp −$948	148.1 bp −$14.8K	610.8 bp −$305.4K
Sell Variational Omni RFQ quote, 3 min ago	4.56 bp	doesn't fit	13.7 bp −$137	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	0.4398	−0.038%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4398	−0.041%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.830%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4406	+0.153%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4397	−0.056%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4401	+0.046%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4405	+0.117%	$63.7M	$230.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	+0.057%	$68.1M	$126.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	+0.057%	$17.2M	$73.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4386	−0.300%	$73K	$84K	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	0.4400	+0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4400	+0.012%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4401	+0.034%	$44.8M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	+0.012%	$12.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4401	+0.034%	$25.2M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4401	+0.034%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4401	+0.046%	$187K	$983K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4399	−0.017%	$719K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4391	−0.186%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.147%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	−0.079%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4400	+0.023%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4402	+0.057%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4399	−0.011%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4408	+0.194%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4399	−0.011%	$4.3M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4400	+0.009%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4401	+0.030%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	+0.029%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0150%	1h	0.4405	+0.130%	$37.9M	$24.7M	10x	as long as short
dYdX ONDO-USDlong	+0.0200%	1h	0.4399	long leg	$249K	$129K	5x
01 Exchange ONDOUSD	+0.0216%	1h	0.4402	+0.053%	$362	$2K	10x	as long as short
Aster ONDOUSDT	+0.0227%	4h	0.4404	+0.113%	$763K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4402	+0.057%	$272K	$731K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4404	+0.103%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4396	−0.068%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4400	+0.012%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4397	−0.057%	$523K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4401	+0.028%	$2K	—	20x	as long as short