Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.002%

Price spread now: Deribit against Variational Omni−0.311%7-day average +0.037% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.098%+$10 on $10k

Price spread, last 3 days (all we have)+0.313%+$31 · spread now −0.311%, 7d avg +0.037%

Together, before fees+0.411%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.348% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.311% now, against its 7-day average of +0.037%). If the spread goes back, that is −$35 on $10k: about 3.5 days of funding at the current rate (+$10 a day). At the pace of the last 3 days (+0.098% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.098% in total (about 10.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4416	0.0100	pay 0.0050% / 4h	1h 57m	$766K	$1.8M	—
Short	Deribit ONDO_USDC-PERPETUAL	0.4402	0.0432	get 0.0054% / 1h	57m 35s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −0.311%Rate

Funding earned: $69.72
Price spread: −0.311% → +0.037%: −$34.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $27.96
Costs to cover: 0.070%
Break-even: 4.2 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Deribit: live order book, 6 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, 2 min ago	4.54 bp	doesn't fit	11.3 bp −$113	doesn't fit	doesn't fit
Sell Deribit live order book, 6 min ago	6.80 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit

ONDO on 38 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	0.0000%	1h	0.4386	−0.670%	$248K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	−0.379%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.448%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4399	−0.379%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4400	−0.356%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4383	−0.741%	$375K	$831K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4390	−0.574%	$38.5M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4389	−0.598%	$661K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4386	−0.673%	$63.7M	$225.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4384	−0.719%	$69.4M	$122.0M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4385	−0.696%	$16.9M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.092%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4383	−0.734%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4382	−0.764%	$11.5M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4383	−0.741%	$46.3M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4388	−0.628%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4383	−0.741%	$24.9M	$39.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4382	−0.764%	—	$759K	—	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4416	long leg	$766K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4415	−0.016%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4403	−0.281%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	−0.243%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4385	−0.691%	$78K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4402	−0.311%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4401	−0.334%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4411	−0.107%	$130K	$486K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4382	−0.756%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4382	−0.770%	$396K	$788K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4404	−0.277%	$38K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0151%	4h	0.4398	−0.401%	$4.2M	$7.5M	50x	as long as short
Backpack ONDO_USDC_PERP	+0.0240%	1h	0.4397	−0.415%	$196K	$987K	15x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.061%	$35K	$214K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.142%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4388	−0.637%	$361	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0432%	1h	0.4402	−0.311%	$23K	$349K	25x
Lighter ONDO	+0.0480%	1h	0.4396	−0.444%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4398	−0.393%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4383	−0.741%	$2K	—	20x	as long as short