Quote Quoting llworking
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I think that I am understanding things a little differently. OP is apparently receiving a full time salary to be on call, basically 24/7 at one job, but working for an hourly rate at a second one. While I do not think its illegal, I think that the full time, salary employer, would have a serious problem with it if they knew. I am not sure that the other employer wouldn't have an equal problem with it if they knew that at any moment the employee could clock out and leave.
I don't see any issue from the perspective of the full time employer, as long as the OP makes themselves available when called I can't imagine why they would care it the OP is working, or sitting at home, nor do I see any reason why they would need to know, provided OP gives them a way to contact him.

For the Part tim eemployer, I would understand a complaint about the OP coming and going at will, however there are pleanty of part time jobs where this is allowable.