Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.002%

Price spread now: Variational Omni against Deribit+0.244%7-day average −0.037% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

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)−0.246%−$25 · spread now +0.244%, 7d avg −0.037%

Together, before fees−0.343%+ Points / potential airdropVariational Omni: Active · farm board−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.280% dearer against Deribit than usual: you sell high and buy low (spread +0.244% now, against its 7-day average of −0.037%): +$28 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ONDO_USDC-PERPETUAL	0.4405	0.0204	pay 0.0025% / 1h	0m 09s	$23K	$349K	25x
Short	Variational Omni ONDO	0.4416	0.0100	get 0.0050% / 4h	2h 00m	$766K	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now +0.244%Rate

Funding earned: −$21.84
Price spread: +0.244% → −0.037%: $28.02
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.82
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Deribit: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 Deribit live order book, 3 min ago	6.80 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.54 bp	doesn't fit	15.9 bp −$159	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	−0.0363%	1h	0.4403	−0.056%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	+0.139%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4402	−0.069%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.700%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4403	−0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4408	+0.079%	$380K	$833K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4407	+0.045%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4403	−0.040%	$63.9M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4403	−0.045%	$69.7M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4404	−0.023%	$17.0M	$72.4M	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	0.4420	+0.336%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4405	0.000%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4401	−0.091%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4403	−0.045%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4404	−0.023%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4404	−0.023%	$25.0M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4403	−0.045%	—	$22.1M	—	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4416	+0.244%	$766K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4410	+0.121%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	+0.065%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	+0.159%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4406	+0.030%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4407	+0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	0.000%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4412	+0.159%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	+0.041%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4403	−0.035%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	+0.105%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0177%	1h	0.4404	−0.018%	$196K	$988K	15x	as long as short
Phemex ONDOUSDT	+0.0177%	4h	0.4403	−0.045%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUALlong	+0.0204%	1h	0.4405	long leg	$23K	$349K	25x
Hyperliquid ONDO	+0.0222%	1h	0.4407	+0.052%	$38.6M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.386%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.304%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4409	+0.079%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4401	−0.093%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4411	+0.145%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4403	−0.052%	$2K	—	20x	as long as short