Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.4035%/8h= +441.8% APRpaid last 24h +1.204%

Price spread now: dYdX against Variational Omni+0.127%7-day average −0.007% · you sell dearer than you buy

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

Long on Variational Omni Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+2.792%+$279 on $10k

Price spread, last 4 days (all we have)−0.282%−$28 · spread now +0.127%, 7d avg −0.007%

Together, before fees+2.510%+ Points / potential airdropVariational Omni: Active · farm board+$251 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$121 a day on $10k at the current rate, and dYdX is 0.134% dearer against Variational Omni than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4321	0.0100	pay 0.0050% / 4h	1h 55m	$799K	$1.8M	—
Short	dYdX ONDO-USD	0.4327	0.4135	get 0.0517% / 1h	55m 29s	$248K	$159K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.127%Rate

Funding earned: $847.35
Price spread: +0.127% → −0.007%: $13.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $850.72
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; dYdX: live order book, 56 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, 2 min ago	5.77 bp	doesn't fit	10.4 bp −$104	doesn't fit	doesn't fit
Sell dYdX live order book, 56 min ago	41.33 bp	52.9 bp −$53	183.6 bp −$1,836	269.4 bp −$26.9K	1091.4 bp −$545.7K

ONDO on 39 exchanges

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	−0.0325%	1h	0.4325	+0.086%	$2.6M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4327	+0.130%	$21K	$368K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4331	+0.211%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.707%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4331	+0.234%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4324	+0.060%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4326	+0.118%	$337K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4327	+0.141%	$771K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4325	+0.094%	$63.1M	$222.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4322	+0.014%	$67.7M	$116.6M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4325	+0.083%	$17.3M	$67.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4329	+0.174%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4326	+0.111%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4324	+0.060%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4325	+0.083%	$46.0M	$39.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4326	+0.106%	$13.1M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4326	+0.106%	$25.2M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4325	+0.083%	—	$785K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4326	+0.106%	$179K	$988K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4321	long leg	$799K	$1.8M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4331	+0.232%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	+0.262%	$401K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4336	+0.338%	$134K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4328	+0.155%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4326	+0.106%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4326	+0.106%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4334	+0.292%	$105K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4325	+0.083%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4326	+0.099%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4326	+0.108%	$355K	$779K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4328	+0.150%	$38K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0185% / S +0.0250%	1h	0.4325	+0.091%	$364K	—	100x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4327	+0.123%	$356	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4332	+0.241%	$35K	$208K	10x	as long as short
Hyperliquid ONDO	+0.0271%	1h	0.4329	+0.176%	$36.5M	$26.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4353	+0.731%	$214K	$619K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	+0.315%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4324	+0.058%	$2K	—	20x	as long as short
dYdX ONDO-USDshort	+0.4135%	1h	0.4327	+0.127%	$248K	$159K	5x