Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Variational Omni+0.305%7-day average +0.024% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.907%−$91 · spread now +0.305%, 7d avg +0.024%

Together, before fees−0.873%+ Points / potential airdropVariational Omni: Active · farm board−$87 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.281% dearer against Variational Omni than usual: you sell high and buy low, +$28 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4324	0.0100	pay 0.0050% / 4h	3h 56m	$679K	$1.8M	—
Short	Backpack ONDO_USDC_PERP	0.4337	0.0100	get 0.0013% / 1h	56m 19s	$176K	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.305%Rate

Funding earned: $0
Price spread: +0.305% → +0.024%: $28.13
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $18.13
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 48 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, 3 min ago	4.63 bp	doesn't fit	11.6 bp −$116	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	1.73 bp	8.3 bp −$8	doesn't fit	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	−0.0176%	1h	0.4334	+0.227%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4321	−0.069%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.645%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4338	+0.314%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4326	+0.054%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4326	+0.048%	$760K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4323	−0.014%	$63.2M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4322	−0.044%	$68.2M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4323	−0.021%	$17.3M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4339	+0.337%	$71K	$81K	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	0.4330	+0.138%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4323	−0.021%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	−0.021%	$44.2M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4325	+0.025%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4324	+0.002%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4322	−0.044%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4337	+0.305%	$176K	$1.0M	15x
Variational Omni ONDOlong	+0.0100%	4h	0.4324	long leg	$679K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4322	−0.036%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	+0.006%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	−0.067%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4324	+0.002%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.067%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.303%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	+0.279%	$2K	$15K	10x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4334	+0.233%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4331	+0.171%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	+0.149%	$366K	$827K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4324	+0.002%	$38K	$13K	3x	as long as short
HTX ONDO-USDT	+0.0106%	4h	0.4344	+0.464%	$129K	$369K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4337	+0.303%	$18K	$351K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.349%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	+0.104%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4333	+0.205%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	+0.256%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4320	−0.086%	$494K	—	100x	as long as short
Hyperliquid ONDO	+0.0595%	1h	0.4328	+0.104%	$36.5M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4324	−0.009%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1625%	1h	0.4333	+0.217%	$243K	$155K	5x	as long as short