Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0259%/8h= +28.4% APRpaid last 24h −0.069%

Price spread now: Variational Omni against Kraken Futures+0.202%7-day average −0.083% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.317%−$32 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now +0.202%, 7d avg −0.083%

Together, before fees−0.495%+ Points / potential airdropVariational Omni: Active · farm board−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Variational Omni is 0.285% dearer against Kraken Futures than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.083%. Mind the row above: over the last 4 days funding on this pair cost −0.317%, 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	Kraken Futures PF_ONDOUSD	0.4390	−0.0159	get 0.0020% / 1h	56m 42s	$2.6M	$7.8M	50x
Short	Variational Omni ONDO	0.4399	0.0100	get 0.0050% / 4h	3h 56m	$719K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now +0.202%Rate

Funding earned: $54.49
Price spread: +0.202% → −0.083%: $28.46
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $72.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	4.56 bp	18.9 bp −$19	29.0 bp −$290	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.55 bp	doesn't fit	13.6 bp −$136	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_ONDOUSDlong	−0.0159%	1h	0.4390	long leg	$2.6M	$7.8M	50x
dYdX ONDO-USD	0.0000%	1h	0.4385	−0.106%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4392	+0.043%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.058%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4391	+0.037%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4390	+0.003%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4396	+0.151%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4387	−0.072%	$63.4M	$230.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4383	−0.157%	$67.9M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4384	−0.134%	$17.1M	$73.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4393	+0.074%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4383	−0.150%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4384	−0.134%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4384	−0.134%	$44.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4389	−0.020%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4385	−0.111%	$25.1M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4385	−0.111%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4391	+0.032%	$185K	$984K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4399	+0.202%	$719K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4398	+0.184%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4394	+0.088%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	+0.185%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4392	+0.060%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4397	+0.162%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4392	+0.048%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4400	+0.231%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4391	+0.026%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4383	−0.150%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4383	−0.161%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4393	+0.071%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4385	−0.120%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0225%	4h	0.4392	+0.040%	$761K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4401	+0.253%	$272K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0285%	1h	0.4392	+0.053%	$37.8M	$24.7M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4390	+0.003%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4398	+0.176%	$35K	$218K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4392	+0.048%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4391	+0.016%	$522K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4392	+0.054%	$2K	—	20x	as long as short