Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0438%/8h= +48.0% APRpaid last 24h +0.093%

Price spread now: Hyperliquid against Variational Omni+1.633%7-day average +0.107% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.275%+$27 on $10k

Price spread, last 3 days (all we have)−1.596%−$160 · spread now +1.633%, 7d avg +0.107%

Together, before fees−1.321%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$132 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 1.525% dearer against Variational Omni than usual: you sell high and buy low: +$153 more if the spread goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4546	0.0100	pay 0.0050% / 4h	1h 39m	$798K	$2.0M	—
Short	Hyperliquid ONDO	0.4620	0.0538	get 0.0067% / 1h	39m 30s	$41.4M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +1.633%Rate

Funding earned: $91.98
Price spread: +1.633% → +0.107%: $152.54
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $235.52
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Hyperliquid: live order book, 4 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, 5 min ago	4.40 bp	doesn't fit	15.4 bp −$154	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	2.41 bp	7.4 bp −$7	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	−0.0349%	1h	0.4604	+1.276%	$2.9M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4610	+1.416%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4600	+1.188%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4613	+1.474%	$439K	$690K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4615	+1.518%	$762K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4614	+1.496%	$67.9M	$223.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4609	+1.386%	$74.9M	$119.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4611	+1.430%	$18.0M	$82.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+1.767%	$73K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4608	+1.369%	—	—	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	0.4613	+1.474%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4617	+1.562%	$48.5M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4611	+1.430%	$13.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4616	+1.540%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4610	+1.408%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4617	+1.551%	$213K	$983K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4546	long leg	$798K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4547	+0.016%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	+0.013%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4616	+1.534%	$98K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4604	+1.276%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4605	+1.298%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4607	+1.342%	$132K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4609	+1.386%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4619	+1.604%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4611	+1.424%	$409K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4606	+1.320%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	+0.161%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.945%	$1K	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	+0.001%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4606	+1.320%	$303K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4545	−0.021%	$3.2M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0402%	1h	0.4604	+1.276%	$19K	$364K	25x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4618	+1.584%	$380	$2K	10x	as long as short
Hyperliquid ONDOshort	+0.0538%	1h	0.4620	+1.633%	$41.4M	$27.4M	10x
Lighter ONDO	+0.0552%	1h	0.4623	+1.705%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0598% / S −0.0191%	1h	0.4609	+1.396%	$555K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4616	+1.545%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1308%	1h	0.4617	+1.569%	$261K	$130K	5x	as long as short