Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0431%/8h= −47.2% APRpaid last 24h −0.093%

Price spread now: Variational Omni against Hyperliquid−1.232%7-day average −0.107% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.275%−$27 on $10k

Price spread, last 3 days (all we have)+1.196%+$120 · spread now −1.232%, 7d avg −0.107%

Together, before fees+0.921%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$92 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Variational Omni is 1.125% cheaper against Hyperliquid than usual: you would sell low and buy high (−$113 if the spread goes back to its 7-day average of −0.107%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4603	0.0531	pay 0.0066% / 1h	39m 02s	$41.2M	$27.4M	10x
Short	Variational Omni ONDO	0.4546	0.0100	get 0.0050% / 4h	1h 39m	$798K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −1.232%Rate

Funding earned: −$90.57
Price spread: −1.232% → −0.107%: −$112.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$212.07
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 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 Hyperliquid live order book, 4 min ago	2.41 bp	9.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.40 bp	doesn't fit	13.2 bp −$132	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	−0.0350%	1h	0.4591	−0.264%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4606	+0.072%	$16K	$385K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4610	+0.166%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4602	−0.015%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4613	+0.224%	$439K	$690K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4600	−0.059%	$746K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4600	−0.057%	$67.7M	$223.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4601	−0.037%	$74.8M	$119.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4600	−0.059%	$17.9M	$81.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+0.513%	$73K	$87K	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	0.4608	+0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4591	−0.254%	$11.9M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4595	−0.167%	$48.3M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4594	−0.189%	$13.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4595	−0.167%	$26.0M	$41.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4596	−0.146%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4594	−0.183%	$209K	$985K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4546	−1.232%	$798K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4547	−1.217%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	−1.220%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4616	+0.282%	$98K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4624	+0.463%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4596	−0.146%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+0.224%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4593	−0.211%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4619	+0.351%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4596	−0.151%	$409K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4606	+0.072%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	−1.073%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	−0.037%	$894	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	−1.232%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4597	−0.124%	$302K	$869K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	−0.232%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4618	+0.332%	$380	$2K	10x	as long as short
Hyperliquid ONDOlong	+0.0531%	1h	0.4603	long leg	$41.2M	$27.4M	10x
Lighter ONDO	+0.0568%	1h	0.4603	+0.017%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0598% / S −0.0191%	1h	0.4609	+0.147%	$555K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4616	+0.294%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1308%	1h	0.4617	+0.317%	$261K	$130K	5x	as long as short