Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.097%

Price spread now: Phemex against Hyperliquid−0.148%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.481%−$48 on $10k

Price spread, last 3 days (all we have)−0.339%−$34 · spread now −0.148%, 7d avg −0.104%

Together, before fees−0.819%+ Points / potential airdropHyperliquid: Season 2 · farm board−$82 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.044% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4531	0.0100	pay 0.0013% / 1h	56m 49s	$40.8M	$27.7M	10x
Short	Phemex ONDOUSDT	0.4524	0.0100	get 0.0050% / 4h	2h 56m	$4.9M	$6.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.148%Rate

Funding earned: $0
Price spread: −0.148% → −0.104%: −$4.4
Slippage, 4 orders: −$50.06
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$75.46
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Phemex: live order book, 2 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	1.11 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	12.10 bp	25.8 bp −$26	38.2 bp −$382	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	−0.1123%	1h	0.4527	−0.075%	$3.1M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4523	−0.170%	$20K	$344K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4525	−0.135%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.532%	$994	$82K	5.5x	as long as short
Bybit ONDOUSDT	+0.0044%	4h	0.4526	−0.104%	$73.6M	$116.7M	50x	as long as short
Variational Omni ONDO	+0.0062%	4h	0.4524	−0.157%	$799K	$2.0M	—	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.192%	$25K	$8K	10x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	−0.167%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4526	−0.104%	$433K	$669K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4531	long leg	$40.8M	$27.7M	10x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4530	−0.023%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4530	−0.015%	$66.7M	$221.5M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4524	−0.148%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4556	+0.565%	$73K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4527	−0.091%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4527	−0.082%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4530	−0.015%	$48.3M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4529	−0.038%	$14.0M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4527	−0.082%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4528	−0.060%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4528	−0.062%	$226K	$941K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4539	+0.194%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4550	+0.426%	$428K	$925K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4541	+0.227%	$160K	$329K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4526	−0.102%	$78K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4523	−0.170%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4524	−0.148%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4533	+0.051%	$125K	$513K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4524	−0.148%	$4.9M	$6.1M	50x
Extended ONDO-USD	+0.0104%	1h	0.4530	−0.015%	$405K	$994K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4526	−0.111%	$36K	—	3x	as long as short
Phoenix ONDO	+0.0144%	1h	0.4508	−0.510%	$29K	$220K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4529	−0.033%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0328%	1h	0.4534	+0.068%	$1.4M	$2.2M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4541	+0.227%	$311K	$837K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4522	−0.192%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4524	−0.159%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	−0.158%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.8083%	1h	0.4530	−0.007%	$256K	$117K	5x	as long as short