Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Variational Omni+0.052%7-day average −0.028% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.052%, 7d avg −0.028%

Together, before fees−0.182%+ Points / potential airdropVariational Omni: Active · farm board−$18 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: Bybit is 0.080% dearer against Variational Omni than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4322	0.0100	pay 0.0050% / 4h	3h 01m	$681K	$1.7M	—
Short	Bybit ONDOUSDT	0.4324	0.0100	get 0.0050% / 4h	3h 01m	$67.3M	$125.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → −0.028%: $8.05
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2.95
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bybit: live order book, 3 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, 3 min ago	4.61 bp	doesn't fit	11.5 bp −$115	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.15 bp	8.3 bp −$8	14.8 bp −$148	50.6 bp −$5,063	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	−0.0162%	1h	0.4324	+0.044%	$2.6M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4324	+0.050%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.698%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4329	+0.161%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4324	+0.052%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4324	+0.052%	$356K	$868K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4327	+0.122%	$36.3M	$25.7M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4325	+0.064%	$62.3M	$233.8M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4324	+0.052%	$67.3M	$125.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4326	+0.098%	$17.0M	$72.4M	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	0.4344	+0.520%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4328	+0.140%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4325	+0.075%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4325	+0.075%	$42.5M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4324	+0.052%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4326	+0.098%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4326	+0.098%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4325	+0.087%	$175K	$981K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4322	long leg	$681K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4332	+0.236%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4332	+0.248%	$404K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	+0.214%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4324	+0.050%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4325	+0.075%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4326	+0.098%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4337	+0.353%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4326	+0.098%	$4.2M	$8.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4325	+0.076%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4325	+0.066%	$388K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4328	+0.133%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0125%	4h	0.4326	+0.098%	$775K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4328	+0.147%	$356	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4326	+0.098%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4333	+0.260%	$218K	$765K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4321	−0.010%	$34K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4323	+0.029%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0193%	1h	0.4323	+0.037%	$481K	—	100x	as long as short
dYdX ONDO-USD	+0.1152%	1h	0.4322	+0.012%	$247K	$133K	5x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4324	+0.046%	$2K	—	20x	as long as short