ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0968%/8h= −106.0% APRnext payment −$1.21 per $10,000 · paid last 24h +0.077%

Price spread now: Kraken Futures against Hyperliquid−0.077%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now −0.077%, 7d avg −0.030%

Together, before fees−0.035%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Kraken Futures is 0.047% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.006% in total (about -0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.21 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4544	0.0164	pay 0.0021% / 1h	28m 05s	$40.2M	$26.6M	10x
Short	Kraken Futures PF_ONDOUSD	0.4540	−0.0803	pay 0.0100% / 1h	28m 05s	$2.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$203.22
Price spread: −0.077% → −0.030%: −$4.68
Slippage, 4 orders: −$29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$255.9
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Kraken Futures: live order book, 1 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, 5 min ago	0.11 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	6.61 bp	18.3 bp −$18	34.6 bp −$346	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_ONDOUSDshort	−0.0803%	1h	0.4540	−0.077%	$2.8M	$8.1M	50x
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.530%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4540	−0.082%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4540	−0.086%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4541	−0.064%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4544	+0.012%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4542	−0.050%	$68.0M	$227.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4541	−0.064%	$73.6M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4540	−0.086%	$17.6M	$80.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	+0.106%	$74K	$89K	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	0.4540	−0.087%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4538	−0.130%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4541	−0.064%	$48.7M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4542	−0.042%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4541	−0.064%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4541	−0.064%	—	$739K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4543	−0.022%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.042%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4548	+0.081%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4544	−0.008%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4548	+0.090%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4543	−0.013%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4541	−0.064%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4541	−0.064%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4553	+0.200%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4541	−0.064%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4541	−0.068%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4539	−0.104%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4544	−0.004%	$44K	$8K	3x	as long as short
Hyperliquid ONDOlong	+0.0164%	1h	0.4544	long leg	$40.2M	$26.6M	10x
Phoenix ONDO	+0.0244%	1h	0.4547	+0.075%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4548	+0.090%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4546	+0.046%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4544	0.000%	$374	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0411%	1h	0.4543	−0.020%	$35K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4540	−0.080%	$542K	—	100x	as long as short
Lighter ONDO	+0.0800%	1h	0.4550	+0.134%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4540	−0.087%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4072%	1h	0.4543	−0.020%	$257K	$132K	5x	as long as short