Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.068%

Price spread now: Paradex against Hyperliquid−0.129%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Paradex is 0.129% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 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	0.4413	0.0271	pay 0.0034% / 1h	31m 10s	$39.0M	$25.6M	10x
Short	Paradex ONDO-USD-PERP	0.4407	0.0103	get 0.0103% / 8h	6h 31m	$6K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$35.28
Price spread: −0.129% → 0.000%: −$12.92
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$61.2
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Paradex: 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, 12 min ago	1.47 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 38 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	−0.0363%	1h	0.4403	−0.214%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4408	−0.109%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4405	−0.176%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.522%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4405	−0.172%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.070%	$395K	$853K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4409	−0.082%	$669K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4406	−0.150%	$64.1M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4406	−0.150%	$69.8M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4407	−0.127%	$17.1M	$75.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4406	−0.156%	$71K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4408	−0.100%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4405	−0.172%	$11.6M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.104%	$43.9M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4408	−0.104%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4406	−0.150%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4407	−0.127%	—	$22.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4411	−0.041%	$201K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4409	−0.086%	$767K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	+0.060%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4398	−0.328%	$417K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4415	+0.054%	$136K	$371K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4410	−0.057%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	−0.104%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.172%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4417	+0.100%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERPshort	+0.0103%	8h	0.4407	−0.129%	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4404	−0.187%	$398K	$820K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4407	−0.127%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4406	−0.150%	$23K	$349K	25x	as long as short
Hyperliquid ONDOlong	+0.0271%	1h	0.4413	long leg	$39.0M	$25.6M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.213%	$284K	$757K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4411	−0.025%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4414	+0.023%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4404	−0.197%	$486K	—	100x	as long as short
Phemex ONDOUSDT	+0.0802%	4h	0.4405	−0.172%	$4.2M	$7.4M	50x	as long as short
Lighter ONDO	+0.0824%	1h	0.4412	−0.005%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4409	−0.075%	$2K	—	20x	as long as short