Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.066%

Price spread now: SunX against Hyperliquid−0.046%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$178as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1491.491% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now −0.046%, 7d avg −0.104%

Together, before fees−0.429%+ Points / potential airdropHyperliquid: Season 2 · farm board−$43 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: SunX is 0.058% dearer against Hyperliquid than usual: you sell high and buy low, +$6 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	0.4323	0.0100	pay 0.0013% / 1h	42m 43s	$36.2M	$25.9M	10x
Short	SunX ONDO-USDT	0.4321	0.0100	get 0.0050% / 4h	2h 42m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $0
Price spread: −0.046% → −0.104%: $5.81
Slippage, 4 orders: −$132.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$143.26
Costs to cover: 1.491%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; SunX: live order book, 12 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, 10 min ago	0.58 bp	5.3 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	47.29 bp	69.1 bp −$69	doesn't fit	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	−0.0242%	1h	0.4317	−0.133%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4319	−0.093%	$18K	$362K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4320	−0.066%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0029%	1h	0.4321	−0.036%	$247K	$133K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.667%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0048%	1h	0.4320	−0.065%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4324	+0.016%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4319	−0.093%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4323	0.000%	$350K	$874K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4323	long leg	$36.2M	$25.9M	10x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4321	−0.046%	$778K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4319	−0.084%	$62.2M	$234.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4316	−0.162%	$67.2M	$125.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4318	−0.116%	$17.2M	$72.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4325	+0.053%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4320	−0.074%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4320	−0.069%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4318	−0.116%	$42.8M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	−0.023%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4322	−0.023%	$24.7M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4321	−0.046%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4319	−0.086%	$176K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4329	+0.133%	$665K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4335	+0.274%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4328	+0.114%	$408K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.162%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4321	−0.035%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4321	−0.046%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4320	−0.069%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4331	+0.185%	$128K	$428K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	−0.093%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4318	−0.124%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4318	−0.117%	$387K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	−0.034%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.532%	$218K	$767K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4331	+0.190%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4322	−0.023%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0561% / S −0.0197%	1h	0.4319	−0.084%	$486K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1155%	1h	0.4321	−0.046%	$2K	—	20x	as long as short