Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0260%/8h= −28.4% APRpaid last 24h +0.054%

Price spread now: Kraken Futures against Variational Omni−0.366%7-day average +0.080% · you buy dearer than you sell

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.312%+$31 on $10k

Price spread, last 4 days (all we have)+0.456%+$46 · spread now −0.366%, 7d avg +0.080%

Together, before fees+0.768%+ Points / potential airdropVariational Omni: Active · farm board+$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Kraken Futures is 0.446% cheaper against Variational Omni than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of +0.080%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.312%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4404	0.0100	pay 0.0050% / 4h	3h 48m	$719K	$1.7M	—
Short	Kraken Futures PF_ONDOUSD	0.4388	−0.0160	pay 0.0020% / 1h	48m 00s	$2.6M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.366%Rate

Funding earned: −$54.51
Price spread: −0.366% → +0.080%: −$44.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$109.12
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 1 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, 1 min ago	4.56 bp	doesn't fit	11.4 bp −$114	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	6.83 bp	18.2 bp −$18	26.9 bp −$269	494.1 bp −$49.4K	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_ONDOUSDshort	−0.0160%	1h	0.4388	−0.366%	$2.6M	$7.8M	50x
dYdX ONDO-USD	0.0000%	1h	0.4388	−0.353%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4389	−0.341%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.730%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4394	−0.223%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4389	−0.334%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4392	−0.266%	$363K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4391	−0.282%	$63.5M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4389	−0.334%	$68.1M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.266%	$17.2M	$73.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4408	+0.099%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4390	−0.306%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4389	−0.334%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4389	−0.334%	$44.0M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4389	−0.334%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4390	−0.312%	$25.2M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4390	−0.312%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4390	−0.303%	$185K	$983K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4404	long leg	$719K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4407	+0.081%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4413	+0.211%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4409	+0.120%	$136K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.235%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4391	−0.289%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4389	−0.334%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4404	+0.006%	$130K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4389	−0.334%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4391	−0.285%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4389	−0.345%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4391	−0.289%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4391	−0.287%	$361	$2K	10x	as long as short
Aster ONDOUSDT	+0.0220%	4h	0.4390	−0.303%	$781K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4408	+0.097%	$272K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0289%	1h	0.4393	−0.237%	$37.8M	$24.6M	10x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4398	−0.130%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4394	−0.221%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4391	−0.289%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4386	−0.402%	$484K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4391	−0.284%	$2K	—	20x	as long as short