Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2328%/8h= +255.0% APRpaid last 24h +1.649%

Price spread now: dYdX against Variational Omni+0.305%7-day average −0.005% · you sell dearer than you buy

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

Long on Variational Omni Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+2.697%+$270 on $10k

Price spread, last 3 days (all we have)−0.332%−$33 · spread now +0.305%, 7d avg −0.005%

Together, before fees+2.366%+ Points / potential airdropVariational Omni: Active · farm board+$237 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$70 a day on $10k at the current rate, and dYdX is 0.310% dearer against Variational Omni than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4568	0.0100	pay 0.0050% / 4h	2m 30s	$809K	$2.0M	—
Short	dYdX ONDO-USD	0.4582	0.2428	get 0.0304% / 1h	2m 30s	$259K	$132K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.305%Rate

Funding earned: $488.97
Price spread: +0.305% → −0.005%: $31.02
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $509.99
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; dYdX: live order book, 12 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	4.37 bp	doesn't fit	10.9 bp −$109	doesn't fit	doesn't fit
Sell dYdX live order book, 12 min ago	91.11 bp	293.6 bp −$294	295.5 bp −$2,955	607.8 bp −$60.8K	1660.0 bp −$830.0K

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	−0.0796%	1h	0.4582	+0.298%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.003%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4583	+0.331%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4581	+0.296%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4581	+0.287%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4575	+0.145%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4584	+0.362%	$40.6M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4579	+0.243%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4576	+0.178%	$68.4M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4575	+0.156%	$74.1M	$120.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4575	+0.156%	$17.7M	$80.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	+0.401%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4574	+0.131%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4575	+0.156%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4576	+0.178%	$49.1M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4581	+0.287%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4576	+0.178%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4574	+0.134%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4583	+0.335%	$229K	$1.0M	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4568	long leg	$809K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4571	+0.061%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.090%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	+0.156%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4585	+0.373%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4583	+0.331%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4583	+0.331%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4595	+0.594%	$135K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4582	+0.309%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4574	+0.144%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4573	+0.104%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.341%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	+0.197%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4578	+0.219%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4581	+0.287%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4584	+0.353%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4582	+0.298%	$547K	—	100x	as long as short
Lighter ONDO	+0.0656%	1h	0.4586	+0.388%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4582	+0.305%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.2428%	1h	0.4582	+0.305%	$259K	$132K	5x