Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h −0.008%

Price spread now: Variational Omni against Phoenix+0.582%7-day average −0.084% · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.776%−$78 · spread now +0.582%, 7d avg −0.084%

Together, before fees−0.815%+ Points / potential airdropVariational Omni: Active · farm board−$81 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.665% dearer against Phoenix than usual: you sell high and buy low: +$67 more if the spread goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4501	0.0018	pay 0.0002% / 1h	53m 00s	$29K	$222K	10x
Short	Variational Omni ONDO	0.4527	0.0099	get 0.0050% / 4h	2h 53m	$801K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now +0.582%Rate

Funding earned: $17.16
Price spread: +0.582% → −0.084%: $66.52
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $76.68
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 31 min ago; Variational Omni: RFQ quote, 1 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 Phoenix live order book, 31 min ago	0.90 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	5.53 bp	doesn't fit	14.4 bp −$144	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	−0.1126%	1h	0.4515	+0.313%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4516	+0.327%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4514	+0.274%	$6K	—	150x	as long as short
Phoenix ONDOlong	+0.0018%	1h	0.4501	long leg	$29K	$222K	10x
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.895%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4513	+0.260%	$25K	$8K	10x	as long as short
Variational Omni ONDOshort	+0.0099%	4h	0.4527	+0.582%	$801K	$2.0M	—
Nado ONDO-PERP	+0.0100%	1h	0.4512	+0.238%	$430K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4519	+0.389%	$40.7M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4513	+0.260%	$754K	$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	0.4507	+0.120%	$66.4M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4506	+0.104%	$72.7M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4507	+0.127%	$17.7M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	−0.024%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4515	+0.307%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4512	+0.238%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	+0.104%	$47.8M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4509	+0.171%	$14.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4511	+0.215%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4505	+0.082%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4515	+0.309%	$195K	$975K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4529	+0.611%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4531	+0.649%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4526	+0.549%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4516	+0.329%	$76K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4514	+0.282%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	+0.282%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4528	+0.593%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4513	+0.260%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4512	+0.248%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4509	+0.172%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4514	+0.275%	$36K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.415%	$304K	$839K	50x	as long as short
Lighter ONDO	+0.0336%	1h	0.4522	+0.469%	$1.4M	$2.2M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+0.238%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0584%	1h	0.4530	+0.644%	$373	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4514	+0.288%	$561K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4515	+0.306%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9957%	1h	0.4504	+0.059%	$255K	$117K	5x	as long as short