Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.025%

Price spread now: GMX against Variational Omni+0.213%50s7-day average +0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.191%−$19 · spread now +0.213%, 7d avg +0.010%

Together, before fees−0.092%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GMX is 0.203% dearer against Variational Omni than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.010%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4497	0.0100	pay 0.0050% / 4h	2h 44m	$799K	$2.0M	—
Short	GMX ONDO/USD [ETH-USDC]	0.4507	L +0.0616% / S −0.0203%	get 0.0025% / 1h	44m 36s	$560K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.213%Rate

Funding earned: $21.64
Price spread: +0.213% → +0.010%: $20.29
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $29.93
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; GMX: no order-book sample. 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, 4 min ago	6.67 bp	doesn't fit	13.3 bp −$133	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.4516	+0.431%	$3.0M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4508	+0.236%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4503	+0.128%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−1.802%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4515	+0.400%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4504	+0.161%	$429K	$671K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4519	+0.484%	$40.7M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4516	+0.422%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	+0.389%	$66.4M	$220.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4513	+0.355%	$73.2M	$117.6M	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	0.4512	+0.333%	$17.7M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4510	+0.282%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4513	+0.353%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4512	+0.333%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4513	+0.355%	$47.5M	$45.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4514	+0.378%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4513	+0.355%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4514	+0.378%	—	$745K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4526	+0.635%	$195K	$970K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4497	long leg	$799K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4504	+0.158%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4503	+0.122%	$423K	$939K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4503	+0.133%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4506	+0.206%	$79K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	+0.400%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	+0.378%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4525	+0.622%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4523	+0.578%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4512	+0.333%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4511	+0.311%	$402K	$986K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4517	+0.455%	$36K	—	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0193%	1h	0.4519	+0.489%	$29K	$354K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4518	+0.466%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4513	+0.355%	$3.3M	$3.0M	75x	as long as short
Lighter ONDO	+0.0432%	1h	0.4522	+0.564%	$1.4M	$2.2M	10x	as long as short
01 Exchange ONDOUSD	+0.0472%	1h	0.4514	+0.386%	$372	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0616% / S −0.0203%	1h	0.4507	+0.213%	$560K	—	100x
Reya ONDORUSDPERP	+0.1138%	1h	0.4508	+0.240%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0413%	1h	0.4518	+0.466%	$256K	$117K	5x	as long as short