Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.066%

Price spread now: Bybit against Hyperliquid−0.028%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.370%−$37 on $10k

Price spread, last 7 days−0.016%−$2 · spread now −0.028%, 7d avg −0.095%

Together, before fees−0.386%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.067% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.095%): +$7 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 22 days. At the pace of the last 7 days (−0.370% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4328	0.0110	pay 0.0014% / 1h	8m 59s	$36.5M	$25.3M	10x
Short	Bybit ONDOUSDT	0.4327	0.0100	get 0.0050% / 4h	3h 08m	$67.3M	$125.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$2.1
Price spread: −0.028% → −0.095%: $6.71
Slippage, 4 orders: −$9.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.66
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	0.12 bp	5.0 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.15 bp	9.4 bp −$9	16.3 bp −$163	51.2 bp −$5,116	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	−0.0162%	1h	0.4321	−0.162%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4323	−0.118%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.540%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	−0.023%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4323	−0.120%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4331	+0.076%	$358K	$862K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4329	+0.010%	$62.4M	$232.6M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4327	−0.028%	$67.3M	$125.0M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4329	+0.018%	$17.0M	$72.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4330	+0.037%	$72K	$83K	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	0.4328	0.000%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4326	−0.051%	$11.9M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4328	−0.005%	$42.3M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.143%	$12.5M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4328	−0.005%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4329	+0.018%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4327	−0.030%	$179K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4330	+0.035%	$681K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4348	+0.452%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4349	+0.483%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4346	+0.411%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4328	+0.005%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4324	−0.097%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4325	−0.074%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4333	+0.111%	$128K	$431K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4327	−0.028%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	+0.063%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4323	−0.112%	$390K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4325	−0.064%	$38K	$13K	3x	as long as short
Hyperliquid ONDOlong	+0.0110%	1h	0.4328	long leg	$36.5M	$25.3M	10x
Aster ONDOUSDT	+0.0138%	4h	0.4330	+0.042%	$775K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4327	−0.025%	$356	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4326	−0.051%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4327	−0.028%	$217K	$763K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4339	+0.238%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4330	+0.042%	$3.1M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0193%	1h	0.4322	−0.134%	$481K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4325	−0.070%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1336%	1h	0.4330	+0.046%	$248K	$133K	5x	as long as short