Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h −0.095%

Price spread now: KuCoin against Hyperliquid−0.119%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$550.546% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.288%−$29 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.119%, 7d avg −0.050%

Together, before fees−0.208%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.069% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4529	0.0169	pay 0.0021% / 1h	34m 29s	$40.8M	$27.5M	10x
Short	KuCoin ONDOUSDTM	0.4524	0.0100	get 0.0050% / 4h	2h 34m	$13.8M	$10.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$14.57
Price spread: −0.119% → −0.050%: −$6.9
Slippage, 4 orders: −$33.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$76.06
Costs to cover: 0.546%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; KuCoin: 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, 9 min ago	0.33 bp	7.7 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	2.21 bp	17.0 bp −$17	38.7 bp −$387	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	−0.1122%	1h	0.4535	+0.115%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4536	+0.146%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4522	−0.152%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.190%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.163%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4533	+0.079%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4524	−0.125%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4528	−0.033%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4523	−0.139%	$66.5M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4521	−0.185%	$73.4M	$117.8M	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	0.4520	−0.208%	$17.7M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	+0.031%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4522	−0.156%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4526	−0.075%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4523	−0.141%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4524	−0.119%	$13.8M	$10.6M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4523	−0.141%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4525	−0.097%	—	$22.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4537	+0.179%	$196K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	−0.023%	$791K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.252%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4536	+0.146%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4536	+0.146%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4522	−0.152%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4534	+0.102%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4534	+0.102%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4543	+0.300%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4535	+0.124%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4525	−0.087%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4525	−0.092%	$403K	$990K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4536	+0.157%	$36K	—	3x	as long as short
Hyperliquid ONDOlong	+0.0169%	1h	0.4529	long leg	$40.8M	$27.5M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.102%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4538	+0.190%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4527	−0.044%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0520%	1h	0.4536	+0.146%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4523	−0.151%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4525	−0.097%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9791%	1h	0.4528	−0.036%	$256K	$123K	5x	as long as short