Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h −0.098%

Price spread now: Gate against Hyperliquid−0.167%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 7 days+0.114%+$11 · spread now −0.167%, 7d avg −0.095%

Together, before fees−0.230%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Gate is 0.072% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4545	0.0261	pay 0.0033% / 1h	19m 38s	$40.6M	$27.8M	10x
Short	Gate ONDO_USDT	0.4537	0.0100	get 0.0050% / 4h	2h 19m	$11.8M	$18.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.167%Rate

Funding earned: −$33.84
Price spread: −0.167% → −0.095%: −$7.18
Slippage, 4 orders: −$26.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$91.4
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Gate: 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, 4 min ago	0.44 bp	5.0 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.21 bp	18.6 bp −$19	27.6 bp −$276	41.5 bp −$4,148	72.0 bp −$36.0K

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	−0.1123%	1h	0.4529	−0.333%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4533	−0.255%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4531	−0.288%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4539	−0.114%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.497%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4531	−0.299%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4538	−0.140%	$427K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4540	−0.101%	$763K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4539	−0.130%	$67.0M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4538	−0.145%	$73.6M	$118.0M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4538	−0.145%	$17.8M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4524	−0.447%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4538	−0.140%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4537	−0.167%	$11.8M	$18.8M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4539	−0.123%	$47.8M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4539	−0.123%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4538	−0.145%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4538	−0.145%	—	$22.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4536	−0.200%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4537	−0.162%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4537	−0.172%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4521	−0.518%	$427K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	−0.079%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4539	−0.121%	$104K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4533	−0.255%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4532	−0.277%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4541	−0.079%	$128K	$515K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4535	−0.211%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	−0.144%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	−0.149%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4533	−0.246%	$36K	—	3x	as long as short
Hyperliquid ONDOlong	+0.0261%	1h	0.4545	long leg	$40.6M	$27.8M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	−0.123%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4534	−0.233%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4541	−0.073%	$374	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4547	+0.046%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4531	−0.306%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4532	−0.267%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9453%	1h	0.4536	−0.193%	$257K	$128K	5x	as long as short