Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h +0.019%

Price spread now: Deribit against Variational Omni−0.452%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 Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.332%+$33 · spread now −0.452%, 7d avg +0.025%

Together, before fees+0.435%+ Points / potential airdropVariational Omni: Active · farm board+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.477% cheaper against Variational Omni than usual: you would sell low and buy high (−$48 if the spread goes back to its 7-day average of +0.025%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.103%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4527	0.0099	pay 0.0050% / 4h	2h 50m	$801K	$2.0M	—
Short	Deribit ONDO_USDC-PERPETUAL	0.4507	0	get 0.0000% / 1h	50m 46s	$29K	$354K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.452%Rate

Funding earned: −$20.87
Price spread: −0.452% → +0.025%: −$47.71
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$75.58
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: live order book, 38 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, 3 min ago	5.53 bp	doesn't fit	12.2 bp −$122	doesn't fit	doesn't fit
Sell Deribit live order book, 38 min ago	8.89 bp	12.4 bp −$12	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	−0.1128%	1h	0.4507	−0.458%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	0.0000%	1h	0.4507	−0.452%	$29K	$354K	25x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	−0.479%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.578%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.462%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4505	−0.496%	$25K	$8K	10x	as long as short
Variational Omni ONDOlong	+0.0099%	4h	0.4527	long leg	$801K	$2.0M	—
Nado ONDO-PERP	+0.0100%	1h	0.4506	−0.480%	$429K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4506	−0.463%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4505	−0.496%	$752K	$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	0.4505	−0.496%	$66.3M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4503	−0.541%	$72.5M	$117.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4504	−0.519%	$17.6M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	−0.602%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4502	−0.554%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4503	−0.541%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4504	−0.519%	$47.6M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4504	−0.519%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4503	−0.541%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4504	−0.519%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4506	−0.479%	$195K	$975K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4513	−0.323%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4531	+0.067%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4517	−0.231%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	−0.457%	$88K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4505	−0.496%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	−0.519%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4511	−0.364%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4505	−0.496%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4504	−0.513%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4503	−0.543%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4505	−0.504%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	−0.165%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4502	−0.563%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0376%	1h	0.4512	−0.337%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0600%	1h	0.4506	−0.479%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4505	−0.486%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4506	−0.484%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0423%	1h	0.4507	−0.458%	$255K	$117K	5x	as long as short