Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h −0.095%

Price spread now: Orderly against Hyperliquid−0.124%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Orderly is 0.124% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4586	0.0360	pay 0.0045% / 1h	0m 09s	$40.7M	$26.9M	10x
Short	Orderly PERP_ONDO_USDC	0.4580	0.0098	get 0.0049% / 4h	1h 00m	$25K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.124%Rate

Funding earned: −$55.02
Price spread: −0.124% → 0.000%: −$12.43
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$82.45
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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	0.44 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0351%	1h	0.4580	−0.126%	$2.8M	$7.9M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4581	−0.102%	$36K	$436K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4580	−0.121%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4580	−0.124%	$25K	$8K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4587	+0.028%	$432K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4585	−0.015%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4583	−0.059%	$68.3M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4582	−0.081%	$74.3M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4580	−0.124%	$17.8M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4585	−0.011%	$75K	$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	0.4588	+0.058%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4581	−0.102%	$12.0M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4583	−0.059%	$49.5M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4581	−0.102%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4582	−0.081%	$26.0M	$41.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4582	−0.081%	—	$744K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.214%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4587	+0.021%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4570	−0.342%	$421K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4589	+0.072%	$164K	$307K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4589	+0.081%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4589	+0.072%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4582	−0.081%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4598	+0.268%	$134K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4580	−0.124%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4586	+0.001%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4581	−0.111%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4579	−0.155%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4591	+0.118%	$38K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.386%	$888	$216K	5.5x	as long as short
Backpack ONDO_USDC_PERP	+0.0159%	1h	0.4583	−0.055%	$231K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4588	+0.050%	$301K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4587	+0.028%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDOlong	+0.0360%	1h	0.4586	long leg	$40.7M	$26.9M	10x
01 Exchange ONDOUSD	+0.0392%	1h	0.4594	+0.174%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4580	−0.128%	$547K	—	100x	as long as short
Lighter ONDO	+0.0752%	1h	0.4591	+0.118%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4587	+0.024%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6000%	1h	0.4585	−0.011%	$259K	$129K	5x	as long as short