Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Ondo Perps−0.230%7-day average — · you buy dearer than you sell

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

Long on Ondo Perps 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 airdropOndo Perps: Active · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.230% cheaper against Ondo Perps than usual: you would sell low and buy high, −$23 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ONDO-USD.P	0.4543	0.0100	pay 0.0013% / 1h	42m 08s	$73K	$85K	10x
Short	Variational Omni ONDO	0.4533	0.0100	get 0.0050% / 4h	1h 42m	$797K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now −0.230%Rate

Funding earned: $0
Price spread: −0.230% → 0.000%: −$22.96
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$27.96
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	4.40 bp	doesn't fit	13.2 bp −$132	doesn't fit	doesn't fit

Ondo Perps: 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	−0.0354%	1h	0.4545	+0.027%	$2.8M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	+0.066%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4547	+0.077%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4550	+0.132%	$427K	$680K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4552	+0.187%	$751K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4549	+0.129%	$67.0M	$219.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4548	+0.099%	$73.8M	$117.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4546	+0.055%	$17.8M	$80.1M	50x	as long as short
Ondo Perps ONDO-USD.Plong	+0.0100%	1h	0.4543	long leg	$73K	$85K	10x
RISEx ONDO/USDC	+0.0100%	1h	0.4549	+0.114%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4548	+0.099%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4548	+0.099%	$48.0M	$44.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4549	+0.121%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4549	+0.121%	$25.7M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4548	+0.099%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4550	+0.141%	$196K	$971K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4533	−0.230%	$797K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4551	+0.155%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4552	+0.189%	$421K	$941K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4549	+0.123%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4551	+0.165%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4549	+0.121%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.319%	$131K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4547	+0.077%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4549	+0.112%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4548	+0.109%	$403K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4552	+0.187%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4552	+0.196%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.891%	$1K	$181K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4550	+0.143%	$19K	$364K	25x	as long as short
ApeX Omni ONDOUSDT	+0.0273%	1h	0.4556	+0.275%	$161K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4557	+0.297%	$301K	$854K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4552	+0.187%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4554	+0.236%	$375	$2K	10x	as long as short
Hyperliquid ONDO	+0.0495%	1h	0.4554	+0.227%	$40.7M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4547	+0.073%	$547K	—	100x	as long as short
Lighter ONDO	+0.0608%	1h	0.4557	+0.295%	$1.4M	$2.1M	10x	as long as short
dYdX ONDO-USD	+0.1048%	1h	0.4548	+0.109%	$257K	$130K	5x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4548	+0.107%	$2K	—	20x	as long as short