Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.803%

Price spread now: Variational Omni against Injective−0.345%61s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.345% cheaper against Injective than usual: you would sell low and buy high (spread −0.345% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 17 days of funding at the current rate (+$2 a day). The two prices were read 61 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	Injective ONDO/USDC PERP	0.4522	0.0033	pay 0.0004% / 1h	10m 16s	$1K	$132K	5.5x
Short	Variational Omni ONDO	0.4506	0.0100	get 0.0050% / 4h	2h 10m	$790K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.345%Rate

Funding earned: $14
Price spread: −0.345% → 0.000%: −$34.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$20.55
Costs to cover: 0.000%
Break-even: 17.3 days

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.43 bp	doesn't fit	15.5 bp −$155	doesn't fit	doesn't fit

Injective: 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	−0.1127%	1h	0.4513	−0.206%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4516	−0.133%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4517	−0.115%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4500	−0.495%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4522	long leg	$1K	$132K	5.5x
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4515	−0.155%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4516	−0.144%	$423K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4519	−0.066%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4516	−0.133%	$66.6M	$221.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4518	−0.088%	$73.2M	$118.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4516	−0.133%	$17.7M	$80.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4495	−0.599%	$71K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4517	−0.110%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4516	−0.133%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4516	−0.133%	$47.3M	$45.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4514	−0.177%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4516	−0.133%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4517	−0.111%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4519	−0.075%	$193K	$971K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4506	−0.345%	$790K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.091%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4502	−0.442%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4520	−0.044%	$159K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4517	−0.115%	$91K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.155%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4516	−0.133%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4521	−0.022%	$129K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4517	−0.111%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4515	−0.154%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4514	−0.177%	$401K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4517	−0.100%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0281%	1h	0.4521	−0.031%	$40.4M	$27.9M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.376%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4507	−0.332%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4519	−0.066%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4524	+0.046%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4516	−0.141%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4516	−0.138%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9332%	1h	0.4516	−0.132%	$256K	$129K	5x	as long as short