Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0514%/8h= −56.3% APRpaid last 24h −0.063%

Price spread now: Binance against Hyperliquid−0.109%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.361%−$36 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.109%, 7d avg −0.065%

Together, before fees−0.249%+ Points / potential airdropHyperliquid: Season 2 · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Binance is 0.044% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.065%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4337	0.0614	pay 0.0077% / 1h	40m 22s	$36.6M	$27.5M	10x
Short	Binance ONDOUSDT	0.4332	0.0100	get 0.0050% / 4h	3h 40m	$63.3M	$233.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.109%Rate

Funding earned: −$107.89
Price spread: −0.109% → −0.065%: −$4.39
Slippage, 4 orders: −$10.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$141.52
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Binance: 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 Hyperliquid live order book, 3 min ago	0.58 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.15 bp	8.0 bp −$8	13.8 bp −$138	47.9 bp −$4,790	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	−0.0176%	1h	0.4328	−0.196%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4335	−0.044%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	−0.106%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.329%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4339	+0.058%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4332	−0.113%	$346K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4334	−0.067%	$759K	$2.8M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4332	−0.109%	$63.3M	$233.4M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4331	−0.136%	$68.3M	$121.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4334	−0.067%	$17.3M	$71.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4327	−0.228%	$71K	$79K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4329	−0.174%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4331	−0.136%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4331	−0.136%	$44.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4333	−0.090%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4334	−0.067%	$24.9M	$36.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4332	−0.113%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4329	−0.182%	$180K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4327	−0.233%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4341	+0.085%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4330	−0.161%	$399K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4341	+0.095%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4331	−0.136%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4333	−0.090%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4329	−0.182%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4328	−0.205%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4336	−0.021%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4329	−0.182%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4333	−0.093%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4332	−0.104%	$363K	$832K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	−0.023%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.048%	$214K	$734K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4344	+0.171%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4332	−0.113%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	−0.113%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4333	−0.094%	$496K	—	100x	as long as short
Hyperliquid ONDOlong	+0.0614%	1h	0.4337	long leg	$36.6M	$27.5M	10x
Reya ONDORUSDPERP	+0.1162%	1h	0.4332	−0.113%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2502%	1h	0.4335	−0.053%	$243K	$155K	5x	as long as short