With the development of VR-related techniques, viewers can enjoy a realistic and immersive experience through a head-mounted display, while omnidirectional video with a low frame rate can lead to user dizziness. However, the prevailing plane frame interpolation methodologies are unsuitable for Omnidirectional Video Interpolation, chiefly due to the lack of models tailored to such videos with strong distortion, compounded by the scarcity of valuable datasets for Omnidirectional Video Frame Interpolation. In this paper, we introduce the benchmark dataset, 360VFI, for Omnidirectional Video Frame Interpolation. We present a practical implementation that introduces a distortion prior from omnidirectional video into the network to modulate distortions. We especially propose a pyramid distortion-sensitive feature extractor that uses the unique characteristics of equirectangular projection (ERP) format as prior information. Moreover, we devise a decoder that uses an affine transformation to facilitate the synthesis of intermediate frames further. 360VFI is the first dataset and benchmark that explores the challenge of Omnidirectional Video Frame Interpolation. Through our benchmark analysis, we presented four different distortion conditions scenes in the proposed 360VFI dataset to evaluate the challenge triggered by distortion during interpolation. Besides, experimental results demonstrate that Omnidirectional Video Interpolation can be effectively improved by modeling for omnidirectional distortion.