Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.096%

Price spread now: Hyperliquid against Gate+0.163%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.347%+$35 on $10k

Price spread, last 7 days−0.109%−$11 · spread now +0.163%, 7d avg +0.096%

Together, before fees+0.238%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.068% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ONDO_USDT	0.4588	0.0100	pay 0.0050% / 4h	1h 02m	$12.1M	$18.8M	50x
Short	Hyperliquid ONDO	0.4596	0.0367	get 0.0046% / 1h	2m 28s	$40.8M	$26.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.163%Rate

Funding earned: $55.97
Price spread: +0.163% → +0.096%: $6.75
Slippage, 4 orders: −$31.37
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $7.36
Costs to cover: 0.554%
Break-even: 6.1 days

Slippage from Gate: live order book, 1 min ago; Hyperliquid: live order book, 11 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 Gate live order book, 1 min ago	2.18 bp	19.1 bp −$19	37.9 bp −$379	47.6 bp −$4,757	76.0 bp −$38.0K
Sell Hyperliquid live order book, 11 min ago	0.66 bp	6.4 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	−0.0350%	1h	0.4589	+0.020%	$2.8M	$7.9M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4587	−0.018%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4587	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4593	+0.114%	$433K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4593	+0.109%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4589	+0.022%	$68.2M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4586	−0.044%	$74.4M	$122.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4589	+0.022%	$17.9M	$81.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4578	−0.222%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4590	+0.036%	—	—	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_USDTlong	+0.0100%	4h	0.4588	long leg	$12.1M	$18.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4589	+0.022%	$49.3M	$45.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4591	+0.065%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4589	+0.022%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4587	−0.022%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.547%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4570	−0.400%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4570	−0.392%	$421K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.588%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4594	+0.129%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4590	+0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	+0.065%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4593	+0.109%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4589	+0.022%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4590	+0.048%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4590	+0.046%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4593	+0.111%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4573	−0.325%	$38K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.436%	$888	$216K	5.5x	as long as short
Backpack ONDO_USDC_PERP	+0.0152%	1h	0.4593	+0.100%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4573	−0.327%	$300K	$858K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4587	−0.022%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDOshort	+0.0367%	1h	0.4596	+0.163%	$40.8M	$26.9M	10x
01 Exchange ONDOUSD	+0.0392%	1h	0.4597	+0.185%	$378	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4589	+0.022%	$36K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0187%	1h	0.4587	−0.032%	$547K	—	100x	as long as short
Lighter ONDO	+0.0736%	1h	0.4602	+0.316%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4592	+0.078%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5910%	1h	0.4589	+0.030%	$260K	$129K	5x	as long as short