Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Extended−0.249%7-day average +0.035% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.292%+$29 · spread now −0.249%, 7d avg +0.035%

Together, before fees+0.265%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.284% cheaper against Extended than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ONDO-USD	0.4331	0.0104	pay 0.0013% / 1h	35m 32s	$389K	$795K	25x
Short	Variational Omni ONDO	0.4320	0.0100	get 0.0050% / 4h	2h 35m	$648K	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.249%Rate

Funding earned: −$0.84
Price spread: −0.249% → +0.035%: −$28.38
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.22
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 12 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 Extended live order book, 12 min ago	3.45 bp	6.0 bp −$6	14.7 bp −$147	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.65 bp	doesn't fit	14.0 bp −$140	doesn't fit	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_ONDOUSD	−0.0242%	1h	0.4320	−0.256%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	+0.034%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0020%	1h	0.4328	−0.072%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.481%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4331	+0.016%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4332	+0.032%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4332	+0.032%	$353K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4332	+0.041%	$36.3M	$25.9M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4333	+0.054%	$779K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	+0.072%	$62.3M	$235.5M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4333	+0.055%	$67.5M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4331	+0.009%	$17.2M	$73.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4314	−0.379%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4328	−0.053%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4329	−0.037%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4332	+0.032%	$43.1M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4330	−0.014%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4332	+0.032%	$24.8M	$40.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4332	+0.032%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4325	−0.128%	$177K	$986K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4320	−0.249%	$648K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4316	−0.338%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	−0.232%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4316	−0.338%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	+0.027%	$68K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.222%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4322	−0.199%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−0.222%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4330	−0.014%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4324	−0.153%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	+0.016%	$6K	—	10x	as long as short
Extended ONDO-USDlong	+0.0104%	1h	0.4331	long leg	$389K	$795K	25x
Aevo ONDO-PERP	+0.0104%	1h	0.4322	−0.192%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	−0.199%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.355%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	−0.412%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4317	−0.315%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0562% / S −0.0197%	1h	0.4329	−0.037%	$487K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4332	+0.021%	$2K	—	20x	as long as short