Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.105%

Price spread now: Hyperliquid against GRVT+0.044%85s7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.431% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now +0.044%, 7d avg +0.095%

Together, before fees+0.284%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board+$28 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 0.051% cheaper against GRVT than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.095%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ONDO_USDT_Perp	0.4569	0.0100	pay 0.0050% / 4h	12m 04s	$422K	$949K	10x
Short	Hyperliquid ONDO	0.4571	0.0100	get 0.0013% / 1h	12m 04s	$40.4M	$26.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → +0.095%: −$5.1
Slippage, 4 orders: −$25.08
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$48.18
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from GRVT: 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 GRVT live order book, 1 min ago	3.28 bp	14.1 bp −$14	24.3 bp −$243	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.11 bp	7.6 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	−0.0799%	1h	0.4564	−0.111%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.022%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4567	−0.044%	$35K	$366K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4567	−0.040%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4566	−0.066%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4567	−0.049%	$439K	$705K	10x	as long as short
Hyperliquid ONDOshort	+0.0100%	1h	0.4571	+0.044%	$40.4M	$26.5M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4567	−0.033%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4568	−0.032%	$68.3M	$226.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4569	0.000%	$74.2M	$120.5M	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	0.4569	0.000%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4567	−0.055%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4568	−0.025%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4563	−0.131%	$12.0M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4565	−0.088%	$48.9M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4566	−0.066%	$14.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4567	−0.044%	$25.8M	$40.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4566	−0.066%	—	$740K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4568	−0.024%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.025%	$810K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4569	−0.006%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perplong	+0.0100%	4h	0.4569	long leg	$422K	$949K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4569	0.000%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	+0.061%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4567	−0.044%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4565	−0.088%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4574	+0.109%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4565	−0.088%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4567	−0.039%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4565	−0.090%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4568	−0.023%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	−0.079%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0296%	1h	0.4571	+0.033%	$376	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.153%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	−0.088%	$3.2M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4568	−0.031%	$545K	—	100x	as long as short
Lighter ONDO	+0.0704%	1h	0.4573	+0.094%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4568	−0.015%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2945%	1h	0.4569	+0.001%	$259K	$132K	5x	as long as short