Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.008%

Price spread now: Variational Omni against Phoenix−0.383%7-day average −0.092% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now −0.383%, 7d avg −0.092%

Together, before fees+0.143%+ Points / potential airdropVariational Omni: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.291% cheaper against Phoenix than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4427	0.0272	pay 0.0034% / 1h	8m 56s	$35K	$225K	10x
Short	Variational Omni ONDO	0.4410	0.0100	get 0.0050% / 4h	1h 08m	$714K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.383%Rate

Funding earned: −$36.11
Price spread: −0.383% → −0.092%: −$29.14
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$72.24
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 48 min ago; Variational Omni: RFQ quote, 5 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 Phoenix live order book, 48 min ago	0.90 bp	12.5 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	5.66 bp	doesn't fit	12.4 bp −$124	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
dYdX ONDO-USD	+0.0001%	1h	0.4401	−0.582%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	−0.627%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.194%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4400	−0.592%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4399	−0.624%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4402	−0.556%	$372K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4400	−0.611%	$64.0M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4397	−0.669%	$69.8M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4399	−0.624%	$17.1M	$71.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4401	−0.587%	$73K	$86K	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	0.4398	−0.637%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4398	−0.646%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4400	−0.601%	$47.6M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4398	−0.646%	$12.9M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4399	−0.624%	$25.1M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4399	−0.624%	—	$21.8M	—	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4410	−0.383%	$714K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4414	−0.284%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4418	−0.191%	$408K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4417	−0.217%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4402	−0.556%	$64K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4403	−0.533%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4403	−0.533%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	−0.375%	$129K	$474K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4403	−0.533%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4400	−0.606%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	−0.639%	$398K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4403	−0.529%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0137%	1h	0.4402	−0.555%	$38.2M	$24.2M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0182%	1h	0.4400	−0.596%	$191K	$979K	15x	as long as short
Aster ONDOUSDT	+0.0190%	4h	0.4403	−0.535%	$735K	$2.3M	20x	as long as short
Phoenix ONDOlong	+0.0272%	1h	0.4427	long leg	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4399	−0.624%	$3.1M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4404	−0.511%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	−0.104%	$281K	$726K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	−0.556%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4400	−0.608%	$485K	—	100x	as long as short
Lighter ONDO	+0.0856%	1h	0.4410	−0.377%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4401	−0.582%	$2K	—	20x	as long as short