Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0198%/8h= +21.6% APRpaid last 24h +0.068%

Price spread now: Hyperliquid against Variational Omni−0.069%7-day average +0.107% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.280%+$28 on $10k

Price spread, last 4 days (all we have)−0.464%−$46 · spread now −0.069%, 7d avg +0.107%

Together, before fees−0.184%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.176% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of +0.107%). If the spread goes back, that is −$18 on $10k: about 3.0 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4422	0.0100	pay 0.0050% / 4h	2h 25m	$770K	$1.8M	—
Short	Hyperliquid ONDO	0.4419	0.0298	get 0.0037% / 1h	25m 04s	$39.1M	$25.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.069%Rate

Funding earned: $41.49
Price spread: −0.069% → +0.107%: −$17.62
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.88
Costs to cover: 0.090%
Break-even: 4.5 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Hyperliquid: live order book, 8 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, 4 min ago	4.52 bp	doesn't fit	11.3 bp −$113	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.11 bp	10.4 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
Kraken Futures PF_ONDOUSD	−0.0362%	1h	0.4414	−0.172%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4415	−0.148%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4419	−0.065%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.307%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4419	−0.063%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4422	+0.016%	$388K	$859K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4421	−0.019%	$673K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4416	−0.130%	$64.2M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4415	−0.153%	$70.0M	$125.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4414	−0.176%	$17.1M	$75.7M	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	0.4400	−0.495%	$72K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4418	−0.084%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4414	−0.176%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4415	−0.153%	$44.4M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4417	−0.108%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4417	−0.108%	$25.1M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4416	−0.130%	—	$22.3M	—	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4422	long leg	$770K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4418	−0.082%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4419	−0.065%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4415	−0.153%	$136K	$367K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4423	+0.021%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4420	−0.040%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4420	−0.040%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4426	+0.096%	$130K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4419	−0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4418	−0.078%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4422	+0.005%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0119%	1h	0.4417	−0.115%	$202K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0203%	1h	0.4420	−0.040%	$23K	$349K	25x	as long as short
Hyperliquid ONDOshort	+0.0298%	1h	0.4419	−0.069%	$39.1M	$25.7M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.005%	$284K	$746K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.062%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4424	+0.048%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4419	−0.063%	$488K	—	100x	as long as short
Phemex ONDOUSDT	+0.0637%	4h	0.4415	−0.153%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0816%	1h	0.4426	+0.102%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4421	−0.023%	$2K	—	20x	as long as short