Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.075%

Price spread now: HTX against Hyperliquid−0.039%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$820.818% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.287%−$29 on $10k

Price spread, last 3 days (all we have)−0.137%−$14 · spread now −0.039%, 7d avg +0.044%

Together, before fees−0.425%+ Points / potential airdropHyperliquid: Season 2 · farm board−$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and HTX is 0.083% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4613	0.0343	pay 0.0043% / 1h	16m 43s	$41.0M	$25.1M	10x
Short	HTX ONDO-USDT	0.4611	0.0100	get 0.0050% / 4h	3h 16m	$135K	$492K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$50.99
Price spread: −0.039% → +0.044%: −$8.28
Slippage, 4 orders: −$60.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$141.08
Costs to cover: 0.818%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; HTX: live order book, 57 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, 7 min ago	1.41 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 57 min ago	8.75 bp	14.7 bp −$15	doesn't fit	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	−0.0868%	1h	0.4601	−0.246%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4603	−0.206%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4599	−0.299%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.971%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4599	−0.299%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4605	−0.164%	$432K	$709K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4608	−0.096%	$735K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4613	+0.010%	$69.2M	$221.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4611	−0.039%	$74.4M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4611	−0.039%	$17.7M	$78.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4593	−0.421%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4605	−0.174%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4605	−0.169%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4607	−0.126%	$49.7M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4608	−0.104%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4605	−0.169%	$26.1M	$38.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4605	−0.169%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4607	−0.130%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4605	−0.175%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4606	−0.155%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4603	−0.212%	$432K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	−0.191%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4608	−0.100%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4607	−0.126%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	−0.234%	$478	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4611	−0.039%	$135K	$492K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4600	−0.277%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4605	−0.161%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4606	−0.142%	$417K	$826K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	−0.234%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4602	−0.234%	$34K	$346K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.533%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4608	−0.106%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4617	+0.091%	$299K	$819K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	−0.234%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDOlong	+0.0343%	1h	0.4613	long leg	$41.0M	$25.1M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4599	−0.296%	$549K	—	100x	as long as short
Lighter ONDO	+0.0640%	1h	0.4617	+0.098%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4604	−0.185%	$2K	—	20x	as long as short