Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1051%/8h= +115.1% APRpaid last 24h +0.308%

Price spread now: Reya against Variational Omni+0.051%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Reya

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 · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Reya is 0.051% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4365	0.0100	pay 0.0050% / 4h	49m 55s	$707K	$1.8M	—
Short	Reya ONDORUSDPERP	0.4367	0.1151	get 0.0144% / 1h	49m 55s	$2K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.051%Rate

Funding earned: $220.67
Price spread: +0.051% → 0.000%: $5.15
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $219.82
Costs to cover: 0.060%
Break-even: 0.0 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Reya: 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	4.56 bp	doesn't fit	11.4 bp −$114	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4365	+0.008%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0015%	1h	0.4365	+0.012%	$247K	$129K	5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4364	−0.026%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.657%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4364	−0.017%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4367	+0.052%	$370K	$842K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4359	−0.141%	$37.5M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4351	−0.314%	$62.8M	$228.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4352	−0.292%	$68.9M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4354	−0.246%	$16.7M	$71.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4386	+0.496%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4364	−0.010%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4347	−0.406%	$11.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4349	−0.361%	$45.6M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4345	−0.452%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4353	−0.269%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4350	−0.338%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4356	−0.207%	$187K	$981K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4365	long leg	$707K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.572%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.557%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4387	+0.510%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4368	+0.066%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	+0.075%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4366	+0.029%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4375	+0.235%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4365	+0.006%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4369	+0.090%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4346	−0.421%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4366	+0.040%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0208%	1h	0.4367	+0.052%	$23K	$346K	25x	as long as short
Aster ONDOUSDT	+0.0208%	4h	0.4356	−0.206%	$731K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4366	+0.020%	$359	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4370	+0.125%	$1.1M	$2.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.670%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	+0.006%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4378	+0.311%	$35K	$223K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0615% / S −0.0225%	1h	0.4365	+0.007%	$526K	—	100x	as long as short
Reya ONDORUSDPERPshort	+0.1151%	1h	0.4367	+0.051%	$2K	—	20x