Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.803%

Price spread now: Variational Omni against Injective+2.524%106s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 2.524% dearer against Injective than usual: you sell high and buy low: +$252 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 106 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4416	0.0033	pay 0.0004% / 1h	51m 23s	$994	$82K	5.5x
Short	Variational Omni ONDO	0.4527	0.0099	get 0.0050% / 4h	2h 51m	$801K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now +2.524%Rate

Funding earned: $13.87
Price spread: +2.524% → 0.000%: $252.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $266.29
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	5.53 bp	doesn't fit	14.4 bp −$144	doesn't fit	doesn't fit

Injective: 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 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	−0.1130%	1h	0.4503	+1.959%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4502	+1.947%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	+2.033%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	+1.932%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4416	long leg	$994	$82K	5.5x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4502	+1.947%	$25K	$8K	10x	as long as short
Variational Omni ONDOshort	+0.0099%	4h	0.4527	+2.524%	$801K	$2.0M	—
Nado ONDO-PERP	+0.0100%	1h	0.4506	+2.032%	$429K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4509	+2.104%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4506	+2.029%	$752K	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4504	+1.999%	$66.3M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4505	+2.015%	$72.6M	$117.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4505	+2.015%	$17.7M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	+1.907%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4502	+1.956%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4501	+1.925%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	+2.038%	$47.6M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4505	+2.015%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4506	+2.038%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	+2.038%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4504	+2.002%	$194K	$975K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4513	+2.193%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4531	+2.593%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4517	+2.287%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	+2.056%	$88K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4506	+2.038%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4501	+1.925%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4509	+2.106%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4501	+1.925%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4502	+1.938%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4501	+1.916%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4501	+1.913%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+2.355%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+2.174%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0376%	1h	0.4511	+2.156%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0600%	1h	0.4506	+2.034%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4505	+2.026%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4506	+2.029%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0274%	1h	0.4507	+2.055%	$255K	$117K	5x	as long as short