Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against BingX+0.012%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$151as in the Price arb table

costs, in and out, $10k−$1411.410% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.315%+$32 on $10k

Price spread, last 4 days (all we have)+0.344%+$34 · spread now +0.012%, 7d avg +0.108%

Together, before fees+0.659%+ Points / potential airdropHyperliquid: Season 2 · farm board+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.097% cheaper against BingX than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.108%). If the spread goes back, that is −$10 on $10k: about 20 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.315% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ONDO-USDC	0.4347	0.0100	pay 0.0050% / 4h	3h 23m	—	$779K	—
Short	Hyperliquid ONDO	0.4348	0.0488	get 0.0061% / 1h	23m 22s	$36.5M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.012%Rate

Funding earned: $81.56
Price spread: +0.012% → +0.108%: −$9.68
Slippage, 4 orders: −$122.02
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.14
Costs to cover: 1.410%
Break-even: 12.9 days

Slippage from BingX: live order book, 20 min ago; Hyperliquid: live order book, 10 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 BingX live order book, 20 min ago	2.31 bp	65.3 bp −$65	107.5 bp −$1,075	576.2 bp −$57.6K	994.3 bp −$497.1K
Sell Hyperliquid live order book, 10 min ago	1.97 bp	11.6 bp −$12	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	−0.0176%	1h	0.4331	−0.360%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4311	−0.832%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.084%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4344	−0.081%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4343	−0.086%	$343K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4348	+0.034%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4349	+0.046%	$63.4M	$232.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4346	−0.023%	$68.0M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4351	+0.092%	$17.4M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−0.876%	$71K	$79K	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	0.4341	−0.132%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4343	−0.092%	$13.3M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4346	−0.023%	$44.3M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4342	−0.115%	$12.2M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4350	+0.069%	$25.2M	$36.3M	50x	as long as short
BingX ONDO-USDClong	+0.0100%	4h	0.4347	long leg	—	$779K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4334	−0.292%	$180K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4300	−1.089%	$676K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.792%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	−0.759%	$400K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−0.851%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4341	−0.127%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4348	+0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4333	−0.322%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4333	−0.322%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	−0.322%	$128K	$368K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4331	−0.368%	$4.2M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4342	−0.105%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4349	+0.053%	$361K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4352	+0.112%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4334	−0.299%	$28K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	−0.161%	$214K	$717K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4344	−0.064%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4330	−0.393%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4310	−0.851%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDOshort	+0.0488%	1h	0.4348	+0.012%	$36.5M	$27.6M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0582% / S −0.0208%	1h	0.4329	−0.415%	$500K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4344	−0.064%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3526%	1h	0.4316	−0.709%	$247K	$159K	5x	as long as short