Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.095%

Price spread now: GRVT against Hyperliquid−0.760%45s7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.459% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.316%−$32 on $10k

Price spread, last 3 days (all we have)+0.723%+$72 · spread now −0.760%, 7d avg −0.094%

Together, before fees+0.407%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board+$41 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.666% cheaper against Hyperliquid than usual: you would sell low and buy high, −$67 on $10k if it goes back to its 7-day average of −0.094%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4582	0.0100	pay 0.0013% / 1h	44m 40s	$40.5M	$26.1M	10x
Short	GRVT ONDO_USDT_Perp	0.4547	0.0100	get 0.0050% / 4h	3h 44m	$428K	$960K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.760%Rate

Funding earned: $0
Price spread: −0.760% → −0.094%: −$66.6
Slippage, 4 orders: −$27.86
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$112.46
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; GRVT: live order book, 28 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, 9 min ago	1.65 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 28 min ago	3.28 bp	13.9 bp −$14	34.3 bp −$343	doesn't fit	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	−0.0875%	1h	0.4564	−0.395%	$2.8M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4576	−0.122%	$259K	$132K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4562	−0.428%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.297%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4563	−0.406%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4561	−0.461%	$438K	$702K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4582	long leg	$40.5M	$26.1M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4575	−0.145%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4579	−0.057%	$68.4M	$225.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4580	−0.035%	$73.9M	$120.6M	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	0.4580	−0.035%	$17.5M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4578	−0.085%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4578	−0.083%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4577	−0.100%	$12.0M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4579	−0.057%	$49.0M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4582	+0.009%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4579	−0.057%	$25.9M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4580	−0.035%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4573	−0.196%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4549	−0.716%	$807K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	−0.742%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4547	−0.760%	$428K	$960K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4545	−0.799%	$173K	$326K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4562	−0.423%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4557	−0.537%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4565	−0.362%	$474	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4573	−0.188%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4566	−0.340%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4580	−0.036%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4578	−0.072%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4566	−0.351%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0188%	1h	0.4564	−0.384%	$33K	$363K	25x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4582	+0.017%	$377	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4558	−0.519%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4555	−0.581%	$297K	$817K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4563	−0.406%	$3.3M	$3.2M	75x	as long as short
Lighter ONDO	+0.0496%	1h	0.4588	+0.140%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4562	−0.436%	$545K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4563	−0.400%	$2K	—	20x	as long as short