Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0054%/8h= +6.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Variational Omni+0.522%7-day average +0.023% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.031%+$3 on $10k

Price spread, last 3 days (all we have)−0.614%−$61 · spread now +0.522%, 7d avg +0.023%

Together, before fees−0.583%+ Points / potential airdropVariational Omni: Active · farm board−$58 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 Backpack is 0.498% dearer against Variational Omni than usual: you sell high and buy low: +$50 more if the spread goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4563	0.0100	pay 0.0050% / 4h	1h 01m	$785K	$2.0M	—
Short	Backpack ONDO_USDC_PERP	0.4587	0.0154	get 0.0019% / 1h	1m 46s	$231K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.522%Rate

Funding earned: $11.43
Price spread: +0.522% → +0.023%: $49.85
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $51.28
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 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 Variational Omni RFQ quote, 2 min ago	4.38 bp	doesn't fit	13.1 bp −$131	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	1.63 bp	11.0 bp −$11	doesn't fit	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	−0.0351%	1h	0.4583	+0.450%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4587	+0.532%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4586	+0.507%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4593	+0.665%	$433K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4590	+0.594%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4586	+0.503%	$68.1M	$227.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4584	+0.463%	$74.3M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4584	+0.463%	$17.9M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4578	+0.327%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4590	+0.586%	—	—	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	0.4583	+0.441%	$12.0M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4585	+0.485%	$48.9M	$45.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4584	+0.463%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4586	+0.507%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4585	+0.485%	—	$743K	—	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4563	long leg	$785K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4570	+0.148%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4570	+0.156%	$421K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.041%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4594	+0.680%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4589	+0.572%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4587	+0.529%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4601	+0.835%	$134K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4587	+0.529%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4583	+0.438%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4584	+0.465%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4590	+0.589%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4573	+0.224%	$38K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	+0.112%	$888	$216K	5.5x	as long as short
Backpack ONDO_USDC_PERPshort	+0.0154%	1h	0.4587	+0.522%	$231K	$1.0M	15x
Deribit ONDO_USDC-PERPETUAL	+0.0186%	1h	0.4587	+0.529%	$36K	$436K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4587	+0.529%	$301K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4587	+0.529%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4589	+0.568%	$40.7M	$26.9M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4597	+0.737%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0187%	1h	0.4587	+0.518%	$547K	—	100x	as long as short
Lighter ONDO	+0.0744%	1h	0.4594	+0.684%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4592	+0.629%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5932%	1h	0.4586	+0.499%	$259K	$129K	5x	as long as short