Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h −0.066%

Price spread now: Bitget against Hyperliquid−0.087%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.087%, 7d avg −0.079%

Together, before fees−0.337%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.079%, so right now this pair is about funding alone: −$1 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	0.4379	0.0125	pay 0.0016% / 1h	5m 14s	$37.7M	$24.7M	10x
Short	Bitget ONDOUSDT	0.4375	0.0100	get 0.0050% / 4h	5m 14s	$25.1M	$39.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$5.29
Price spread: −0.087% → −0.079%: −$0.82
Slippage, 4 orders: −$14.47
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$41.58
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bitget: live order book, 4 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, 8 min ago	0.11 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	1.14 bp	10.7 bp −$11	17.8 bp −$178	56.3 bp −$5,632	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4373	−0.137%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4373	−0.141%	$2.6M	$7.8M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.321%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4379	+0.005%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4373	−0.132%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4376	−0.053%	$362K	$849K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4375	−0.087%	$63.2M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4374	−0.110%	$67.7M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4374	−0.110%	$17.1M	$73.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	+0.242%	$72K	$84K	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	0.4375	−0.088%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4373	−0.132%	$11.5M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4374	−0.110%	$44.3M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4375	−0.087%	$12.7M	$10.7M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4375	−0.087%	$25.1M	$39.8M	50x
BingX ONDO-USDC	+0.0100%	4h	0.4374	−0.110%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4375	−0.091%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−0.116%	$710K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4381	+0.041%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4381	+0.050%	$408K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4380	+0.027%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4375	−0.091%	$79K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4377	−0.041%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4375	−0.087%	$455	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4383	+0.096%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4376	−0.064%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4375	−0.088%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4374	−0.121%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4376	−0.060%	$38K	$13K	3x	as long as short
Hyperliquid ONDOlong	+0.0125%	1h	0.4379	long leg	$37.7M	$24.7M	10x
01 Exchange ONDOUSD	+0.0216%	1h	0.4375	−0.078%	$360	$2K	10x	as long as short
Aster ONDOUSDT	+0.0217%	4h	0.4375	−0.081%	$757K	$2.5M	20x	as long as short
dYdX ONDO-USD	+0.0219%	1h	0.4373	−0.128%	$247K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4378	−0.018%	$270K	$727K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4378	−0.018%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4379	+0.005%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0436%	1h	0.4376	−0.064%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4373	−0.141%	$520K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1152%	1h	0.4375	−0.093%	$2K	—	20x	as long as short