Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.848%

Price spread now: Injective against Variational Omni−2.462%106s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 2.462% cheaper against Variational Omni than usual: you would sell low and buy high (−$246 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	0.4527	0.0099	pay 0.0050% / 4h	2h 55m	$801K	$2.0M	—
Short	Injective ONDO/USDC PERP	0.4416	0.0033	get 0.0004% / 1h	55m 34s	$994	$82K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −2.462%Rate

Funding earned: −$13.87
Price spread: −2.462% → 0.000%: −$246.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$260.11
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Injective: 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	4.41 bp	doesn't fit	13.2 bp −$132	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.1124%	1h	0.4524	−0.069%	$3.1M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4522	−0.121%	$20K	$342K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4518	−0.209%	$6K	—	150x	as long as short
Injective ONDO/USDC PERPshort	+0.0033%	1h	0.4416	−2.462%	$994	$82K	5.5x
Bybit ONDOUSDT	+0.0096%	4h	0.4527	−0.011%	$73.7M	$116.4M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4518	−0.209%	$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	0.4527	−0.005%	$432K	$667K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4530	+0.060%	$40.8M	$27.7M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4529	+0.040%	$756K	$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	0.4529	+0.031%	$66.7M	$220.0M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4528	+0.012%	$17.8M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4556	+0.637%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4527	−0.018%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4523	−0.099%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4524	−0.077%	$48.2M	$45.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4524	−0.077%	$14.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4526	−0.033%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4525	−0.055%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4523	−0.092%	$226K	$939K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	+0.011%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4526	−0.024%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4526	−0.033%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4524	−0.079%	$78K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4521	−0.143%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4522	−0.121%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4526	−0.033%	$125K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4521	−0.143%	$4.9M	$6.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4524	−0.087%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4525	−0.055%	$405K	$990K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4523	−0.094%	$36K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4508	−0.439%	$29K	$220K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4530	+0.062%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0320%	1h	0.4531	+0.078%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	−0.165%	$309K	$834K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4522	−0.121%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4518	−0.210%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4522	−0.131%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9187%	1h	0.4526	−0.029%	$256K	$117K	5x	as long as short