Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: GMX against Variational Omni−0.160%7-day average +0.013% · 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)+0.103%+$10 on $10k

Price spread, last 3 days (all we have)+0.287%+$29 · spread now −0.160%, 7d avg +0.013%

Together, before fees+0.390%+ Points / potential airdropVariational Omni: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.173% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.160% now, against its 7-day average of +0.013%). If the spread goes back, that is −$17 on $10k: about 6.6 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	0.4569	0.0100	pay 0.0050% / 4h	3h 55m	$812K	$2.0M	—
Short	GMX ONDO/USD [ETH-USDC]	0.4562	L +0.0588% / S −0.0188%	get 0.0023% / 1h	55m 45s	$545K	—	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

click an exchange to add or hide it

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 −0.160%Rate

Funding earned: $18.38
Price spread: −0.160% → +0.013%: −$17.35
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$10.96
Costs to cover: 0.120%
Break-even: 11.2 days

Slippage unknown: Variational Omni: RFQ quote, 3 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, 3 min ago	4.37 bp	doesn't fit	10.9 bp −$109	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	−0.0875%	1h	0.4563	−0.130%	$2.8M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0398%	4h	0.4559	−0.216%	$12.0M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4555	−0.312%	$258K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4564	−0.107%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4562	−0.146%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.019%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4563	−0.129%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4563	−0.118%	$440K	$706K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4562	−0.155%	$40.4M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4564	−0.101%	$722K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4554	−0.330%	$68.1M	$226.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4551	−0.391%	$73.7M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4550	−0.413%	$17.7M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4564	−0.100%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4565	−0.088%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4552	−0.370%	$48.8M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4560	−0.194%	$14.1M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4550	−0.413%	$25.7M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4563	−0.129%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4565	−0.078%	$228K	$1.0M	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4569	long leg	$812K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4578	+0.197%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4581	+0.264%	$423K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4577	+0.178%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4565	−0.089%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4567	−0.041%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4564	−0.107%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4572	+0.068%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4565	−0.085%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4549	−0.445%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4563	−0.137%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4566	−0.071%	$40K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4565	−0.092%	$376	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	+0.351%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.265%	$297K	$833K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4570	+0.024%	$3.3M	$3.3M	75x	as long as short
Lighter ONDO	+0.0400%	1h	0.4563	−0.122%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0588% / S −0.0188%	1h	0.4562	−0.160%	$545K	—	100x
Reya ONDORUSDPERP	+0.1144%	1h	0.4561	−0.165%	$2K	—	20x	as long as short