ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0059%/8h= −6.4% APRnext payment −$0.07 per $10,000 · paid last 24h −0.056%

Price spread now: Hyperliquid against Coinbase International−0.159%7-day average −0.128% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$540.542% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.472%−$47 on $10k

Price spread, last 3 days (all we have)+0.226%+$23 · spread now −0.159%, 7d avg −0.128%

Together, before fees−0.246%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hyperliquid is 0.030% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.128%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ONDO-PERP-INTX	0.4539	0.0328	pay 0.0041% / 1h	16m 51s	$305K	$842K	50x
Short	Hyperliquid ONDO	0.4532	0.0269	get 0.0034% / 1h	16m 51s	$40.5M	$27.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Coinbase International. 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 Coinbase InternationalbpFee HyperliquidbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$12.36
Price spread: −0.159% → −0.128%: −$3.03
Slippage, 4 orders: −$35.18
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.58
Costs to cover: 0.542%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Hyperliquid: live order book, 6 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 Coinbase International live order book, 6 min ago	5.53 bp	12.7 bp −$13	68.1 bp −$681	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.44 bp	8.5 bp −$8	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	−0.1123%	1h	0.4530	−0.199%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4531	−0.176%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4530	−0.196%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4539	+0.009%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.375%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4530	−0.198%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4535	−0.088%	$424K	$679K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4530	−0.198%	$762K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4526	−0.282%	$66.8M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4525	−0.308%	$73.4M	$118.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4526	−0.286%	$17.8M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4528	−0.245%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4534	−0.117%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4525	−0.308%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4525	−0.308%	$47.6M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4526	−0.286%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4526	−0.286%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4527	−0.264%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4529	−0.220%	$193K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4537	−0.039%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4538	−0.031%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4535	−0.092%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	+0.044%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4532	−0.161%	$103K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4531	−0.176%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4530	−0.198%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4539	0.000%	$130K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4530	−0.198%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4534	−0.120%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4525	−0.310%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4533	−0.132%	$36K	—	3x	as long as short
Hyperliquid ONDOshort	+0.0269%	1h	0.4532	−0.159%	$40.5M	$27.8M	10x
Coinbase International ONDO-PERP-INTXlong	+0.0328%	1h	0.4539	long leg	$305K	$842K	50x
BloFin ONDO-USDT	+0.0340%	4h	0.4531	−0.176%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4537	−0.037%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4538	−0.026%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4530	−0.206%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4531	−0.182%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9230%	1h	0.4532	−0.159%	$256K	$128K	5x	as long as short