ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0092%/8h= +10.0% APRnext payment +$0.11 per $10,000 · paid last 24h −0.063%

Price spread now: Phoenix against Hyperliquid+0.350%61s7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.393%−$39 on $10k

Price spread, last 4 days (all we have)+0.437%+$44 · spread now +0.350%, 7d avg −0.015%

Together, before fees+0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.365% dearer against Hyperliquid than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.393%, so the current rate has only just turned in your favour. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4394	0.0247	pay 0.0031% / 1h	10m 31s	$38.7M	$25.8M	10x
Short	Phoenix ONDO	0.4409	0.0338	get 0.0042% / 1h	10m 31s	$35K	$231K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.350%Rate

Funding earned: $19.24
Price spread: +0.350% → −0.015%: $36.53
Slippage, 4 orders: −$24.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $15.74
Costs to cover: 0.400%
Break-even: 1.3 days

Slippage from Hyperliquid: live order book, 3 min ago; Phoenix: live order book, 52 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	0.23 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 52 min ago	1.10 bp	12.7 bp −$13	43.6 bp −$436	doesn't fit	doesn't fit

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	0.4400	+0.141%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4392	−0.043%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4396	+0.041%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.960%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4399	+0.114%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4392	−0.034%	$380K	$859K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4397	+0.066%	$676K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.026%	$63.7M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4392	−0.046%	$69.6M	$124.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.046%	$17.0M	$74.5M	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	0.4399	+0.116%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4391	−0.072%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.046%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.023%	$46.2M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	0.000%	$13.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4392	−0.046%	$25.0M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	0.000%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	+0.085%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4403	+0.209%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4407	+0.292%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	+0.250%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.016%	$90K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4400	+0.137%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	+0.182%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4402	+0.182%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4394	−0.004%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.025%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4402	+0.193%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0164%	1h	0.4401	+0.155%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDOlong	+0.0247%	1h	0.4394	long leg	$38.7M	$25.8M	10x
Phemex ONDOUSDT	+0.0306%	4h	0.4401	+0.159%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.637%	$284K	$713K	50x	as long as short
Phoenix ONDOshort	+0.0338%	1h	0.4409	+0.350%	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4395	+0.016%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	+0.182%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4396	+0.048%	$485K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4400	+0.125%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4391	−0.064%	$2K	—	20x	as long as short