Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.024%

Price spread now: GMX against Variational Omni−0.501%7-day average +0.008% · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.105%+$11 on $10k

Price spread, last 4 days (all we have)+0.563%+$56 · spread now −0.501%, 7d avg +0.008%

Together, before fees+0.669%+ Points / potential airdropVariational Omni: Active · farm board+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.509% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.501% now, against its 7-day average of +0.008%). If the spread goes back, that is −$51 on $10k: about 18 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4390	0.0100	pay 0.0050% / 4h	3h 27m	$717K	$1.7M	—
Short	GMX ONDO/USD [ETH-USDC]	0.4368	L +0.0556% / S −0.0193%	get 0.0024% / 1h	27m 00s	$486K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.501%Rate

Funding earned: $19.52
Price spread: −0.501% → +0.008%: −$50.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$43.37
Costs to cover: 0.120%
Break-even: 22.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; GMX: no order-book sample. 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	4.57 bp	doesn't fit	13.7 bp −$137	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0160%	1h	0.4367	−0.526%	$2.6M	$7.7M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4369	−0.479%	$247K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4368	−0.496%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.061%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4373	−0.383%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4368	−0.495%	$24K	$6K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4368	−0.493%	$63.1M	$230.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4365	−0.563%	$67.9M	$124.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4368	−0.495%	$17.1M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4372	−0.408%	$72K	$84K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4368	−0.502%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4367	−0.518%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4368	−0.495%	$43.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4369	−0.472%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4369	−0.472%	$25.0M	$39.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4368	−0.495%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4369	−0.463%	$184K	$979K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4390	long leg	$717K	$1.7M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4379	−0.237%	$4K	$314K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4379	−0.244%	$411K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4390	+0.006%	$135K	$353K	50x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4370	−0.455%	$361K	$841K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4370	−0.459%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	−0.495%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4369	−0.472%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4383	−0.153%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4369	−0.472%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4366	−0.533%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4367	−0.507%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4371	−0.436%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4369	−0.484%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0182%	4h	0.4370	−0.458%	$785K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0227%	1h	0.4372	−0.397%	$37.6M	$24.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4390	+0.006%	$260K	$718K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4377	−0.292%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4373	−0.381%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0437%	1h	0.4370	−0.449%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0556% / S −0.0193%	1h	0.4368	−0.501%	$486K	—	100x
Reya ONDORUSDPERP	+0.1154%	1h	0.4370	−0.458%	$2K	—	20x	as long as short