Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.025%

Price spread now: GMX against Variational Omni−0.011%7-day average +0.015% · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.011%, 7d avg +0.015%

Together, before fees+0.105%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.026% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.015%). If the spread goes back, that is −$3 on $10k: about 24 hours of funding at the current rate (+$3 a day).

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 56m	$766K	$1.8M	—
Short	GMX ONDO/USD [ETH-USDC]	0.4415	L +0.0551% / S −0.0190%	get 0.0024% / 1h	56m 18s	$487K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $18.81
Price spread: −0.011% → +0.015%: −$2.63
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $4.18
Costs to cover: 0.120%
Break-even: 5.4 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; GMX: no order-book sample. 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	4.54 bp	doesn't fit	11.3 bp −$113	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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	0.4406	−0.229%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	−0.048%	$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	0.4411	−0.100%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4414	−0.039%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4421	+0.114%	$378K	$832K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4418	+0.060%	$666K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4416	+0.006%	$64.1M	$225.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4415	−0.016%	$69.9M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	−0.016%	$17.1M	$72.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4391	−0.555%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4417	+0.035%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4413	−0.062%	$11.6M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4419	+0.074%	$46.8M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4417	+0.029%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4414	−0.039%	$25.1M	$39.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4417	+0.029%	—	$22.0M	—	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	0.4420	+0.104%	$79K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4413	−0.062%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4413	−0.062%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4422	+0.142%	$130K	$481K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4411	−0.107%	$4.2M	$7.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4417	+0.027%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	−0.098%	$398K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	−0.028%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0105%	1h	0.4390	−0.578%	$191K	$989K	15x	as long as short
Hyperliquid ONDO	+0.0140%	1h	0.4420	+0.108%	$38.7M	$24.2M	10x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.061%	$35K	$214K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4422	+0.144%	$364	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.142%	$284K	$706K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4414	−0.039%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0551% / S −0.0190%	1h	0.4415	−0.011%	$487K	—	100x
Lighter ONDO	+0.0632%	1h	0.4419	+0.063%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4419	+0.068%	$2K	—	20x	as long as short