Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.085%

Price spread now: Variational Omni against Hyperliquid+0.180%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 Hyperliquid Short on Variational Omni

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)−0.217%−$22 · spread now +0.180%, 7d avg −0.107%

Together, before fees−0.492%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.288% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.180% now, against its 7-day average of −0.107%): +$29 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4593	0.0367	pay 0.0046% / 1h	51m 30s	$40.7M	$26.8M	10x
Short	Variational Omni ONDO	0.4601	0.0100	get 0.0050% / 4h	51m 30s	$790K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now +0.180%Rate

Funding earned: −$56.08
Price spread: +0.180% → −0.107%: $28.76
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$36.33
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 12 min ago; Variational Omni: RFQ quote, 3 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 Hyperliquid live order book, 12 min ago	0.44 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.35 bp	doesn't fit	13.1 bp −$131	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	−0.0795%	1h	0.4588	−0.096%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.536%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4587	−0.118%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4587	−0.122%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4589	−0.073%	$432K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4592	−0.016%	$727K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4589	−0.078%	$68.5M	$227.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4587	−0.122%	$74.5M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4587	−0.122%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4597	+0.094%	$75K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4587	−0.113%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4586	−0.144%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4588	−0.100%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4588	−0.100%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4590	−0.057%	$26.0M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4588	−0.100%	—	$22.3M	—	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4601	+0.180%	$790K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.233%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4595	+0.055%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4595	+0.052%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4590	−0.063%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4591	−0.035%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4587	−0.122%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4596	+0.074%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4588	−0.100%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4588	−0.095%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4589	−0.076%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4591	−0.035%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0228%	1h	0.4589	−0.087%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4596	+0.070%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.139%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	−0.013%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDOlong	+0.0367%	1h	0.4593	long leg	$40.7M	$26.8M	10x
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4589	−0.078%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0512%	1h	0.4593	+0.020%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0614% / S −0.0200%	1h	0.4586	−0.151%	$565K	—	100x	as long as short
Lighter ONDO	+0.1016%	1h	0.4599	+0.142%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4588	−0.103%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6724%	1h	0.4586	−0.136%	$260K	$129K	5x	as long as short