Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0429%/8h= +46.9% APRpaid last 24h +0.093%

Price spread now: Hyperliquid against Variational Omni+1.202%7-day average +0.107% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.275%+$27 on $10k

Price spread, last 3 days (all we have)−1.165%−$116 · spread now +1.202%, 7d avg +0.107%

Together, before fees−0.890%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 1.094% dearer against Variational Omni than usual: you sell high and buy low: +$109 more if the spread goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4546	0.0100	pay 0.0050% / 4h	1h 38m	$798K	$2.0M	—
Short	Hyperliquid ONDO	0.4601	0.0529	get 0.0066% / 1h	38m 41s	$41.2M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +1.202%Rate

Funding earned: $89.99
Price spread: +1.202% → +0.107%: $109.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $190.42
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Hyperliquid: live order book, 5 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, just now	4.34 bp	doesn't fit	19.5 bp −$195	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	2.41 bp	7.4 bp −$7	doesn't fit	doesn't fit	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	−0.0350%	1h	0.4591	+0.980%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4606	+1.320%	$16K	$385K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4610	+1.416%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4602	+1.232%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4613	+1.474%	$439K	$690K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4596	+1.110%	$746K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4591	+0.990%	$67.6M	$223.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4585	+0.858%	$74.5M	$119.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4580	+0.748%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4626	+1.767%	$73K	$87K	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	0.4608	+1.369%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4598	+1.144%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4591	+0.990%	$48.2M	$44.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4600	+1.188%	$13.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4593	+1.034%	$26.0M	$41.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4597	+1.122%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4594	+1.063%	$209K	$985K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4546	long leg	$798K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4547	+0.016%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4547	+0.013%	$420K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4616	+1.534%	$98K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4624	+1.716%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4596	+1.100%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+1.474%	$133K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4593	+1.034%	$4.8M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4582	+0.792%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4602	+1.231%	$407K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4606	+1.320%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4553	+0.161%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4601	+1.210%	$894	$181K	5.5x	as long as short
ApeX Omni ONDOUSDT	+0.0160%	1h	0.4546	+0.001%	$160K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4597	+1.122%	$302K	$869K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+1.012%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0408%	1h	0.4618	+1.584%	$380	$2K	10x	as long as short
Hyperliquid ONDOshort	+0.0529%	1h	0.4601	+1.202%	$41.2M	$27.4M	10x
Lighter ONDO	+0.0568%	1h	0.4597	+1.131%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0598% / S −0.0191%	1h	0.4609	+1.396%	$555K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4616	+1.545%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1246%	1h	0.4588	+0.930%	$260K	$130K	5x	as long as short