Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.061%

Price spread now: Hyperliquid against HTX−0.067%48s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as 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−$740.737% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$29 on $10k

Price spread, last 4 days (all we have)+0.252%+$25 · spread now −0.067%, 7d avg −0.051%

Together, before fees+0.547%+ Points / potential airdropHyperliquid: Season 2 · farm board+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 48 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	HTX ONDO-USDT	0.4306	0.0100	pay 0.0050% / 4h	24m 23s	$128K	$369K	50x
Short	Hyperliquid ONDO	0.4303	0.0337	get 0.0042% / 1h	24m 23s	$36.3M	$27.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.067%Rate

Funding earned: $49.85
Price spread: −0.067% → −0.051%: −$1.67
Slippage, 4 orders: −$52.66
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$25.49
Costs to cover: 0.737%
Break-even: 10.6 days

Slippage from HTX: live order book, 14 min ago; Hyperliquid: live order book, 9 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 HTX live order book, 14 min ago	17.31 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.12 bp	9.9 bp −$10	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	−0.0177%	1h	0.4300	−0.146%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4298	−0.185%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.085%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4303	−0.065%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4299	−0.163%	$344K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4301	−0.116%	$765K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4302	−0.101%	$62.6M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4300	−0.139%	$67.5M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4300	−0.139%	$17.2M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	+0.283%	$71K	$80K	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	0.4298	−0.196%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4299	−0.163%	$12.8M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4300	−0.139%	$43.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4299	−0.163%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4300	−0.139%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4300	−0.139%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4296	−0.237%	$173K	$996K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4299	−0.169%	$675K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4307	+0.012%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	−0.016%	$409K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4311	+0.116%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.125%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4299	−0.163%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.116%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4300	−0.139%	$2K	$15K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4306	long leg	$128K	$369K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4298	−0.186%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4299	−0.168%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4298	−0.177%	$351K	$800K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	−0.082%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4300	−0.128%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.163%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.095%	$35K	$221K	10x	as long as short
Hyperliquid ONDOshort	+0.0337%	1h	0.4303	−0.067%	$36.3M	$27.1M	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4302	−0.093%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0448%	1h	0.4303	−0.070%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4300	−0.128%	$492K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4300	−0.148%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1643%	1h	0.4296	−0.226%	$241K	$156K	5x	as long as short