Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.095%

Price spread now: Hyperliquid against Bybit+0.149%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.149%, 7d avg +0.094%

Together, before fees+0.273%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.054% dearer against Bybit than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4520	0.0100	pay 0.0050% / 4h	2h 40m	$73.4M	$117.7M	50x
Short	Hyperliquid ONDO	0.4527	0.0100	get 0.0013% / 1h	40m 32s	$40.7M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.149%Rate

Funding earned: $0
Price spread: +0.149% → +0.094%: $5.45
Slippage, 4 orders: −$17.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$31.82
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: live order book, 3 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 Bybit live order book, 4 min ago	1.11 bp	12.7 bp −$13	22.8 bp −$228	69.6 bp −$6,957	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.33 bp	9.1 bp −$9	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	−0.1124%	1h	0.4524	+0.087%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	+0.111%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	+0.013%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4503	−0.381%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.301%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4520	0.000%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4521	+0.033%	$431K	$672K	10x	as long as short
Hyperliquid ONDOshort	+0.0100%	1h	0.4527	+0.149%	$40.7M	$27.4M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4524	+0.088%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4520	0.000%	$66.5M	$219.9M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDTlong	+0.0100%	4h	0.4520	long leg	$73.4M	$117.7M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4519	−0.022%	$17.7M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4510	−0.228%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4520	+0.010%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4520	0.000%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4521	+0.022%	$47.7M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4522	+0.044%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4524	+0.088%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4522	+0.044%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4524	+0.091%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.011%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4507	−0.288%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4521	+0.032%	$425K	$929K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4507	−0.288%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4523	+0.073%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4522	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4523	+0.066%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4527	+0.155%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4523	+0.066%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4521	+0.028%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4522	+0.036%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4524	+0.088%	$36K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.221%	$304K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4524	+0.088%	$3.3M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4524	+0.093%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0448%	1h	0.4531	+0.246%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4520	+0.003%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4523	+0.069%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0488%	1h	0.4520	−0.003%	$256K	$117K	5x	as long as short