Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0330%/8h= +36.2% APRpaid last 24h +0.093%

Price spread now: Hyperliquid against Binance+0.104%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs+$7as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.351%+$35 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.104%, 7d avg +0.066%

Together, before fees+0.310%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.039% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4581	0.0100	pay 0.0050% / 4h	1h 15m	$67.7M	$226.8M	75x
Short	Hyperliquid ONDO	0.4585	0.0430	get 0.0054% / 1h	15m 18s	$41.0M	$26.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.104%Rate

Funding earned: $69.34
Price spread: +0.104% → +0.066%: $3.85
Slippage, 4 orders: −$8.81
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $45.38
Costs to cover: 0.278%
Break-even: 2.4 days

Slippage from Binance: live order book, 13 min ago; Hyperliquid: live order book, 8 min ago.

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 Binance live order book, 13 min ago	1.10 bp	7.3 bp −$7	12.5 bp −$125	50.0 bp −$5,003	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.11 bp	5.6 bp −$6	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	−0.0351%	1h	0.4578	−0.045%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4579	−0.031%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4579	−0.033%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4580	−0.012%	$434K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4582	+0.032%	$735K	$2.1M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4581	long leg	$67.7M	$226.8M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4580	−0.012%	$74.3M	$122.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4579	−0.033%	$17.9M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4590	+0.200%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4575	−0.123%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4578	−0.055%	$12.0M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4581	+0.010%	$49.4M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4579	−0.033%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4578	−0.055%	$26.0M	$41.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4579	−0.033%	—	$22.6M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4598	+0.380%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.501%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4600	+0.421%	$424K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.578%	$165K	$317K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	+0.019%	$71K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4580	−0.012%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4580	−0.012%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4602	+0.469%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	−0.033%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4578	−0.063%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4576	−0.098%	$411K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	+0.059%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4601	+0.440%	$37K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0147%	1h	0.4594	+0.296%	$232K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.274%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4581	+0.010%	$31K	$432K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.316%	$301K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4583	+0.054%	$3.2M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4582	+0.030%	$377	$2K	10x	as long as short
Hyperliquid ONDOshort	+0.0430%	1h	0.4585	+0.104%	$41.0M	$26.7M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0187%	1h	0.4579	−0.037%	$546K	—	100x	as long as short
Lighter ONDO	+0.0712%	1h	0.4589	+0.194%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4580	−0.004%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4587%	1h	0.4575	−0.113%	$259K	$129K	5x	as long as short