Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.350%

Price spread now: Variational Omni against Injective−5.433%106s7-day average +0.654% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+2.178%+$218 on $10k

Price spread, last 4 days (all we have)+5.946%+$595 · spread now −5.433%, 7d avg +0.654%

Together, before fees+8.124%+ Points / potential airdropVariational Omni: Active · farm board+$812 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 6.087% cheaper against Injective than usual: you would sell low and buy high (spread −5.433% now, against its 7-day average of +0.654%). If the spread goes back, that is −$609 on $10k: about 10 months of funding at the current rate (+$2 a day). At the pace of the last 4 days (+2.178% in total) that is about 10.0 days. 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	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	31m 34s	$888	$216K	5.5x
Short	Variational Omni ONDO	0.4320	0.0100	get 0.0050% / 4h	2h 31m	$648K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −5.433%Rate

Funding earned: $14
Price spread: −5.433% → +0.654%: −$608.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$594.67
Costs to cover: 0.000%
Break-even: 304.3 days

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	4.64 bp	doesn't fit	13.9 bp −$139	doesn't fit	doesn't fit

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	−0.0243%	1h	0.4297	−5.929%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4301	−5.847%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0017%	1h	0.4296	−5.962%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
01 Exchange ONDOUSD	+0.0064%	1h	0.4299	−5.893%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4302	−5.823%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4299	−5.883%	$350K	$876K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4298	−5.904%	$35.8M	$26.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4300	−5.857%	$774K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4298	−5.904%	$61.8M	$235.8M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4294	−5.998%	$66.9M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4297	−5.933%	$17.1M	$72.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4316	−5.512%	$70K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4297	−5.927%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4297	−5.933%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4298	−5.911%	$42.4M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4295	−5.976%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4297	−5.933%	$24.6M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4297	−5.933%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	−5.854%	$176K	$989K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4320	−5.433%	$648K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4302	−5.819%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4302	−5.812%	$402K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4300	−5.867%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4298	−5.913%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4301	−5.845%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4304	−5.779%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4300	−5.867%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4314	−5.560%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4299	−5.889%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4297	−5.926%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4299	−5.898%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4303	−5.812%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4303	−5.801%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	−4.860%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4306	−5.736%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4305	−5.757%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4301	−5.847%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4298	−5.921%	$2K	—	20x	as long as short