Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0458%/8h= −50.2% APRpaid last 24h −0.093%

Price spread now: MEXC against Hyperliquid−0.051%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.351%−$35 on $10k

Price spread, last 7 days−0.008%−$1 · spread now −0.051%, 7d avg −0.080%

Together, before fees−0.359%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.029% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.051% now, against its 7-day average of −0.080%): +$3 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.351% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4518	0.0558	pay 0.0070% / 1h	50m 35s	$40.4M	$27.3M	10x
Short	MEXC ONDO_USDT	0.4516	0.0100	get 0.0050% / 4h	1h 50m	$47.6M	$44.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$96.23
Price spread: −0.051% → −0.080%: $2.92
Slippage, 4 orders: −$11.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$113.86
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; MEXC: live order book, 3 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, 3 min ago	0.11 bp	7.6 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.11 bp	1.4 bp −$1	5.8 bp −$58	17.3 bp −$1,731	102.3 bp −$51.2K

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	−0.0356%	1h	0.4510	−0.185%	$2.8M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4514	−0.087%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4515	−0.073%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4517	−0.029%	$424K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4518	−0.013%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	−0.072%	$66.5M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4512	−0.139%	$73.2M	$118.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4514	−0.095%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4507	−0.252%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4515	−0.063%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4515	−0.073%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4516	−0.051%	$47.6M	$44.0M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4516	−0.051%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4514	−0.095%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4515	−0.073%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4514	−0.091%	$195K	$972K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4531	+0.284%	$793K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	−0.060%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4533	+0.323%	$428K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4515	−0.080%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.073%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	−0.095%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4517	−0.029%	$130K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4512	−0.139%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4516	−0.049%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4516	−0.056%	$403K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4517	−0.020%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4528	+0.221%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.339%	$1K	$181K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0193%	1h	0.4516	−0.051%	$19K	$364K	25x	as long as short
ApeX Omni ONDOUSDT	+0.0208%	1h	0.4514	−0.095%	$159K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.436%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4513	−0.117%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4520	+0.040%	$372	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4524	+0.135%	$1.4M	$2.1M	10x	as long as short
Hyperliquid ONDOlong	+0.0558%	1h	0.4518	long leg	$40.4M	$27.3M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4514	−0.105%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4514	−0.103%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1267%	1h	0.4516	−0.060%	$256K	$130K	5x	as long as short