Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.132%

Price spread now: Variational Omni against GMX+0.417%50s7-day average −0.012% · you sell dearer than you buy

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.453%−$45 on $10k

Price spread, last 3 days (all we have)−0.479%−$48 · spread now +0.417%, 7d avg −0.012%

Together, before fees−0.932%+ Points / potential airdropVariational Omni: Active · farm board−$93 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.429% dearer against GMX than usual: you sell high and buy low (spread +0.417% now, against its 7-day average of −0.012%): +$43 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 2.9 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4579	L +0.0588% / S −0.0187%	pay 0.0073% / 1h	14m 31s	$546K	—	100x
Short	Variational Omni ONDO	0.4598	0.0100	get 0.0050% / 4h	1h 14m	$787K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now +0.417%Rate

Funding earned: −$102.43
Price spread: +0.417% → −0.012%: $42.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$71.57
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	4.33 bp	doesn't fit	13.0 bp −$130	doesn't fit	doesn't fit

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 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	−0.0351%	1h	0.4578	−0.008%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4579	+0.006%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4579	+0.004%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4576	−0.073%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	−0.064%	$734K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4572	−0.141%	$67.6M	$226.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4571	−0.171%	$74.1M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4574	−0.105%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	+0.202%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4573	−0.118%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4573	−0.127%	$12.0M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4577	−0.040%	$49.3M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4576	−0.062%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4575	−0.084%	$26.0M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4575	−0.084%	—	$22.6M	—	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4598	+0.417%	$787K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.538%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4600	+0.458%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.615%	$165K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	−0.086%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4580	+0.026%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	+0.026%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4602	+0.506%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	+0.004%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4574	−0.109%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4574	−0.115%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.096%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4601	+0.478%	$37K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.237%	$888	$216K	5.5x	as long as short
Backpack ONDO_USDC_PERP	+0.0151%	1h	0.4583	+0.093%	$231K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4581	+0.047%	$31K	$432K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.353%	$301K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4583	+0.091%	$3.2M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4577	−0.038%	$377	$2K	10x	as long as short
Hyperliquid ONDO	+0.0428%	1h	0.4580	+0.028%	$40.9M	$26.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0588% / S −0.0187%	1h	0.4579	long leg	$546K	—	100x
Lighter ONDO	+0.0712%	1h	0.4586	+0.148%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4575	−0.076%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4745%	1h	0.4575	−0.075%	$259K	$129K	5x	as long as short