Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.005%

Price spread now: Phoenix against Variational Omni+0.135%7-day average +0.078% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.135%, 7d avg +0.078%

Together, before fees+0.010%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.057% dearer against Variational Omni than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4570	0.0100	pay 0.0050% / 4h	1h 23m	$781K	$2.0M	—
Short	Phoenix ONDO	0.4576	0.0142	get 0.0018% / 1h	23m 18s	$29K	$219K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.135%Rate

Funding earned: $8.82
Price spread: +0.135% → +0.078%: $5.73
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $7.54
Costs to cover: 0.070%
Break-even: 1.0 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: live order book, 54 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, 1 min ago	4.37 bp	doesn't fit	15.3 bp −$153	doesn't fit	doesn't fit
Sell Phoenix live order book, 54 min ago	1.10 bp	12.6 bp −$13	43.7 bp −$437	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	−0.0351%	1h	0.4583	+0.281%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4583	+0.293%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4584	+0.308%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4587	+0.363%	$433K	$701K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4586	+0.354%	$733K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4585	+0.330%	$67.9M	$226.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4586	+0.352%	$75.4M	$121.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4584	+0.308%	$17.9M	$81.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.389%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4589	+0.415%	—	—	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	0.4584	+0.308%	$12.0M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4583	+0.286%	$48.8M	$44.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4584	+0.308%	$13.8M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4586	+0.352%	$26.0M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4586	+0.352%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4580	+0.223%	$238K	$1.0M	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4570	long leg	$781K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4578	+0.171%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4578	+0.171%	$429K	$938K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4578	+0.177%	$164K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4585	+0.328%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4590	+0.439%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4586	+0.352%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4592	+0.483%	$134K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4584	+0.308%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4571	+0.033%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4585	+0.333%	$409K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4589	+0.417%	$45K	$8K	3x	as long as short
Phoenix ONDOshort	+0.0142%	1h	0.4576	+0.135%	$29K	$219K	10x
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.042%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0186%	1h	0.4587	+0.374%	$47K	$416K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4590	+0.439%	$301K	$871K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4585	+0.330%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4595	+0.542%	$378	$2K	10x	as long as short
Hyperliquid ONDO	+0.0416%	1h	0.4590	+0.446%	$41.2M	$26.4M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0187%	1h	0.4582	+0.269%	$547K	—	100x	as long as short
Lighter ONDO	+0.0680%	1h	0.4594	+0.531%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4583	+0.283%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3531%	1h	0.4570	+0.009%	$259K	$129K	5x	as long as short