Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.075%

Price spread now: Hyperliquid against OKX+0.036%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.340%+$34 on $10k

Price spread, last 7 days+0.062%+$6 · spread now +0.036%, 7d avg +0.092%

Together, before fees+0.402%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 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: Hyperliquid is 0.056% cheaper against OKX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4459	0.0100	pay 0.0050% / 4h	2h 55m	$17.1M	$76.1M	50x
Short	Hyperliquid ONDO	0.4461	0.0100	get 0.0013% / 1h	55m 15s	$39.5M	$25.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → +0.092%: −$5.61
Slippage, 4 orders: −$18.87
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$43.48
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Hyperliquid: live order book, 8 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 OKX live order book, 4 min ago	1.12 bp	11.6 bp −$12	26.2 bp −$262	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.33 bp	11.0 bp −$11	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
ApeX Omni ONDOUSDT	−0.1599%	1h	0.4475	+0.359%	$167K	$332K	50x	as long as short
Kraken Futures PF_ONDOUSD	−0.0358%	1h	0.4460	+0.018%	$2.7M	$8.0M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4456	−0.062%	$252K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4457	−0.036%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.444%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4458	−0.022%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4456	−0.067%	$408K	$777K	10x	as long as short
Hyperliquid ONDOshort	+0.0100%	1h	0.4461	+0.036%	$39.5M	$25.3M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4459	+0.010%	$706K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4460	+0.022%	$65.8M	$226.2M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4458	−0.022%	$71.5M	$121.4M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4459	long leg	$17.1M	$76.1M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4457	−0.045%	$73K	$92K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4458	−0.021%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4458	−0.022%	$11.7M	$15.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4457	−0.045%	$45.5M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4458	−0.022%	$13.5M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4458	−0.022%	$25.2M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4461	+0.045%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4455	−0.092%	$224K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4454	−0.116%	$789K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4475	+0.352%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4454	−0.112%	$419K	$965K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4461	+0.036%	$116K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4460	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4461	+0.045%	$464	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4468	+0.202%	$130K	$499K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4464	+0.103%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4460	+0.033%	$402K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4459	+0.005%	$39K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0199%	1h	0.4460	+0.022%	$33K	$339K	25x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4457	−0.045%	$367	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4508	+1.094%	$37K	$231K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4466	+0.157%	$290K	$800K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4457	−0.045%	$3.3M	$3.0M	75x	as long as short
Lighter ONDO	+0.0528%	1h	0.4468	+0.209%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0582% / S −0.0186%	1h	0.4458	−0.031%	$532K	—	100x	as long as short
Phemex ONDOUSDT	+0.0760%	4h	0.4464	+0.112%	$4.3M	$7.2M	50x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4460	+0.012%	$2K	—	20x	as long as short