Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0066%/8h= −7.3% APRpaid last 24h −0.066%

Price spread now: BingX against Hyperliquid−0.124%7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1301.300% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.313%−$31 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now −0.124%, 7d avg −0.112%

Together, before fees−0.544%+ Points / potential airdropHyperliquid: Season 2 · farm board−$54 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.112%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4444	0.0166	pay 0.0021% / 1h	20m 39s	$38.6M	$24.2M	10x
Short	BingX ONDO-USDC	0.4438	0.0100	get 0.0050% / 4h	1h 20m	—	$760K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$13.95
Price spread: −0.124% → −0.112%: −$1.22
Slippage, 4 orders: −$111.04
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$145.22
Costs to cover: 1.300%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; BingX: live order book, 38 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	0.79 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 38 min ago	2.27 bp	57.2 bp −$57	103.0 bp −$1,030	614.8 bp −$61.5K	995.2 bp −$497.6K

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
dYdX ONDO-USD	+0.0001%	1h	0.4440	−0.083%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4440	−0.072%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.802%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4441	−0.054%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4440	−0.079%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4442	−0.028%	$376K	$836K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4440	−0.082%	$64.4M	$225.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4439	−0.101%	$70.3M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4440	−0.079%	$17.2M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.072%	$73K	$88K	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	0.4436	−0.177%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4437	−0.146%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4440	−0.079%	$47.2M	$41.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4441	−0.056%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4440	−0.079%	$25.4M	$39.4M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4438	−0.124%	—	$760K	—
Variational Omni ONDO	+0.0100%	4h	0.4441	−0.063%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4426	−0.397%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	−0.135%	$411K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4438	−0.124%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4445	+0.027%	$69K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4444	+0.011%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4442	−0.034%	$462	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4448	+0.101%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4441	−0.056%	$4.3M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4436	−0.160%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4445	+0.023%	$39K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0105%	8h	0.4438	−0.128%	$6K	—	10x	as long as short
Hyperliquid ONDOlong	+0.0166%	1h	0.4444	long leg	$38.6M	$24.2M	10x
Aster ONDOUSDT	+0.0181%	4h	0.4444	+0.011%	$716K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0217%	1h	0.4442	−0.025%	$193K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4441	−0.050%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4442	−0.034%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4439	−0.106%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4447	+0.079%	$282K	$730K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0426%	1h	0.4442	−0.034%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4440	−0.072%	$490K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4447	+0.086%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4444	+0.021%	$2K	—	20x	as long as short