Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h −0.066%

Price spread now: OKX against Hyperliquid+0.032%7-day average −0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 7 days−0.094%−$9 · spread now +0.032%, 7d avg −0.090%

Together, before fees−0.439%+ Points / potential airdropHyperliquid: Season 2 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.122% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.090%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.344% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4437	0.0157	pay 0.0020% / 1h	17m 31s	$38.5M	$24.2M	10x
Short	OKX ONDO-USDT-SWAP	0.4438	0.0100	get 0.0050% / 4h	1h 17m	$17.2M	$72.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$11.92
Price spread: +0.032% → −0.090%: $12.16
Slippage, 4 orders: −$15.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$34.37
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; OKX: 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, 6 min ago	0.79 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.13 bp	9.3 bp −$9	20.5 bp −$205	270.3 bp −$27.0K	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
dYdX ONDO-USD	+0.0001%	1h	0.4430	−0.146%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4433	−0.072%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.962%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4432	−0.109%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4429	−0.171%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4437	+0.020%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4436	−0.003%	$64.4M	$225.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4435	−0.036%	$70.3M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4438	+0.032%	$17.2M	$72.1M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.228%	$73K	$88K	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	0.4434	−0.065%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4434	−0.059%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4434	−0.059%	$47.3M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4433	−0.081%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4435	−0.036%	$25.3M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4435	−0.036%	—	$21.8M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	+0.092%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4438	+0.038%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4439	+0.045%	$415K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.144%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4437	+0.016%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4436	−0.014%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4433	−0.081%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4439	+0.054%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4435	−0.036%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4435	−0.028%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4433	−0.071%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4434	−0.064%	$6K	—	10x	as long as short
Hyperliquid ONDOlong	+0.0157%	1h	0.4437	long leg	$38.5M	$24.2M	10x
Aster ONDOUSDT	+0.0184%	4h	0.4437	+0.020%	$714K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0210%	1h	0.4435	−0.043%	$192K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4440	+0.079%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4438	+0.032%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4437	+0.020%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4432	−0.104%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0427%	1h	0.4432	−0.104%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4429	−0.178%	$489K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4443	+0.153%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4435	−0.044%	$2K	—	20x	as long as short