Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Phemex−0.048%7-day average −0.025% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.048%, 7d avg −0.025%

Together, before fees−0.069%+ Points / potential airdropVariational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.024% cheaper against Phemex than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4610	0.0100	pay 0.0050% / 4h	3h 14m	$4.5M	$7.1M	50x
Short	Variational Omni ONDO	0.4608	0.0100	get 0.0050% / 4h	3h 14m	$818K	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. 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 PhemexbpFee Variational OmnibpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → −0.025%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.35
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 Phemex live order book, 4 min ago	9.82 bp	23.6 bp −$24	31.8 bp −$318	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.36 bp	doesn't fit	15.2 bp −$152	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	−0.0866%	1h	0.4612	+0.035%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4613	+0.061%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4610	+0.001%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.911%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4611	+0.022%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4617	+0.141%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4615	+0.108%	$736K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4617	+0.152%	$69.3M	$221.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4614	+0.087%	$74.3M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4615	+0.108%	$17.7M	$78.2M	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	0.4593	−0.360%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4611	+0.032%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4613	+0.065%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4616	+0.130%	$49.8M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4615	+0.108%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4615	+0.108%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4615	+0.108%	—	$22.1M	—	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4608	−0.048%	$818K	$1.9M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4603	−0.142%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	−0.114%	$425K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	−0.130%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4617	+0.156%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4615	+0.108%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4611	+0.022%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4618	+0.174%	$136K	$492K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4610	long leg	$4.5M	$7.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4614	+0.088%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4612	+0.048%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	+0.108%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0112%	1h	0.4614	+0.078%	$232K	$999K	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.473%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4617	+0.141%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4623	+0.282%	$300K	$820K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4613	+0.065%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0358%	1h	0.4622	+0.260%	$41.1M	$25.1M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0401%	1h	0.4613	+0.065%	$34K	$344K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4609	−0.016%	$551K	—	100x	as long as short
Lighter ONDO	+0.0656%	1h	0.4627	+0.362%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4615	+0.109%	$2K	—	20x	as long as short