Ondo Perps vs Variational Funding Arbitrage
28 shared markets · net of estimated fees · updated every few minutesOndo Perps and Variational both quote 28 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is EWY — long Ondo Perps / short Variational at 86.5% net APR — but the median across all shared markets is 3.4%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 9 markets go long on Ondo Perps and 19 on Variational. 12 markets clear 5% net APR, 10 clear 10%.
How this pair behaves
Ondo Perps pays funding every 1h on 66 markets; Variational pays every 8h on 138 markets and every 4h on 80 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Ondo Perps quotes 66 perpetual markets in total and Variational quotes 220; the 28 they share are what this page ranks. Across its own book Ondo Perps runs a median funding rate of 5.5% and Variational 6.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 28 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| DRAM | Ondo Perps | Variational | 152.7% | 155.2% | -1.0% | $874K |
| EWY | Ondo Perps | Variational | 86.5% | 88.7% | +0.9% | $1.2M |
| AMD | Ondo Perps | Variational | 58.3% | 60.8% | -0.5% | $747K |
| DKNG | Variational | Ondo Perps | 54.9% | 62.3% | +6.4% | $121K |
| BMNR | Ondo Perps | Variational | 33.7% | 40.1% | -7.2% | $15K |
| NFLX | Ondo Perps | Variational | 22.0% | 28.5% | -3.8% | $322K |
| TTWO | Ondo Perps | Variational | 20.7% | 30.8% | +16.3% | $64K |
| SOL | Variational | Ondo Perps | 12.8% | 14.4% | -0.0% | $525K |
| XAG | Ondo Perps | Variational | 11.6% | 13.9% | +3.5% | $3.4M |
| AMZN | Ondo Perps | Variational | 10.1% | 12.3% | -2.4% | $1.8M |
| LITE | Variational | Ondo Perps | 9.6% | 13.8% | +3.8% | $202K |
| XAU | Ondo Perps | Variational | 6.5% | 8.1% | +0.1% | $20.0M |
| HYPE | Variational | Ondo Perps | 4.6% | 5.8% | +0.1% | $1.2M |
| NVDA | Variational | Ondo Perps | 3.5% | 5.5% | +5.0% | $5.3M |
| PLTR | Variational | Ondo Perps | 3.4% | 5.5% | +4.7% | $526K |
| SNDK | Variational | Ondo Perps | 3.4% | 5.5% | -0.8% | $8.2M |
| META | Variational | Ondo Perps | 3.2% | 5.5% | +5.7% | $1.3M |
| GOOGL | Variational | Ondo Perps | 3.1% | 5.5% | +5.1% | $1.1M |
| SPCX | Variational | Ondo Perps | 3.1% | 5.5% | -3.4% | $11.0M |
| MSTR | Variational | Ondo Perps | 3.0% | 5.5% | +3.5% | $1.1M |
| CRCL | Variational | Ondo Perps | 3.0% | 5.5% | +1.3% | $849K |
| HOOD | Variational | Ondo Perps | 2.7% | 5.5% | +5.7% | $315K |
| TSM | Variational | Ondo Perps | 2.3% | 5.5% | +0.8% | $138K |
| COPPER | Variational | Ondo Perps | 1.6% | 5.5% | +5.7% | $24K |
| ARM | Variational | Ondo Perps | 1.4% | 5.5% | +8.7% | $15K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Ondo Perps vs Variational — FAQ
How many markets can you arbitrage between Ondo Perps and Variational?
28 perpetual markets are quoted on both Ondo Perps and Variational right now. 12 of them show a net spread of at least 5% APR after estimated fees, and 11 have at least $1M of 24h volume on the smaller leg.
What is the best Ondo Perps / Variational funding spread right now?
EWY: long Ondo Perps and short Variational for about 86.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 28 shared markets is 3.4%, so the top of the list is not typical.
Which side pays on the Ondo Perps / Variational pair?
It varies by market: Ondo Perps is the long (funding-receiving) leg in 9 of the shared markets and Variational in the other 19. The direction is set per market by which venue currently prices funding lower.
Trading the Ondo Perps / Variational spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Ondo Perps funding rates · Variational funding rates; the full calculation is in the methodology.