Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0451%/8h= −49.4% APRpaid last 24h −0.133%

Price spread now: Variational Omni against GMX+0.049%7-day average −0.015% · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.470%−$47 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now +0.049%, 7d avg −0.015%

Together, before fees−0.510%+ Points / potential airdropVariational Omni: Active · farm board−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.064% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of −0.015%): +$6 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4407	L +0.0551% / S −0.0190%	pay 0.0069% / 1h	29m 22s	$487K	—	100x
Short	Variational Omni ONDO	0.4409	0.0100	get 0.0050% / 4h	2h 29m	$767K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.049%Rate

Funding earned: −$94.67
Price spread: +0.049% → −0.015%: $6.4
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$100.27
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	4.53 bp	doesn't fit	13.6 bp −$136	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 38 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	−0.0362%	1h	0.4416	+0.212%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4417	+0.230%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	−0.008%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.662%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4407	+0.008%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4414	+0.178%	$395K	$853K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4416	+0.220%	$670K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4409	+0.061%	$64.2M	$231.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4409	+0.053%	$69.8M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4404	−0.060%	$17.0M	$75.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	−0.022%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4416	+0.213%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4410	+0.076%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4409	+0.053%	$44.1M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4411	+0.099%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4411	+0.099%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4411	+0.099%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4421	+0.317%	$202K	$1.0M	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4409	+0.049%	$767K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4408	+0.040%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.194%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.053%	$136K	$367K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4419	+0.269%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4415	+0.189%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4419	+0.280%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4424	+0.394%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4420	+0.298%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4415	+0.196%	$398K	$820K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4420	+0.302%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0203%	1h	0.4417	+0.235%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0279%	1h	0.4419	+0.280%	$39.1M	$25.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.348%	$284K	$757K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4409	+0.053%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4421	+0.321%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0551% / S −0.0190%	1h	0.4407	long leg	$487K	—	100x
Phemex ONDOUSDT	+0.0797%	4h	0.4417	+0.235%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0816%	1h	0.4427	+0.453%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4410	+0.082%	$2K	—	20x	as long as short