Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.064%

Price spread now: Hyperliquid against Orderly+0.110%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 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 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.110% dearer against Orderly than usual: you sell high and buy low, +$11 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4350	0.0099	pay 0.0050% / 4h	2h 22m	$23K	$6K	10x
Short	Hyperliquid ONDO	0.4355	0.0102	get 0.0013% / 1h	22m 00s	$36.6M	$27.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0.64
Price spread: +0.110% → 0.000%: $11.03
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$3.32
Costs to cover: 0.150%
Break-even: 43.1 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 4 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 4 min ago	1.03 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

Orderly: 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 39 exchanges

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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4352	+0.046%	$22K	$384K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4351	+0.017%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4350	+0.010%	$2.6M	$7.5M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.011%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4356	+0.147%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0099%	4h	0.4350	long leg	$23K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4350	0.000%	$339K	$867K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4353	+0.076%	$780K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4352	+0.035%	$63.6M	$227.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4351	+0.023%	$68.7M	$119.3M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4351	+0.023%	$17.3M	$69.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4335	−0.352%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4351	+0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4350	0.000%	$13.7M	$14.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4352	+0.046%	$45.0M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4350	0.000%	$13.2M	$9.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4353	+0.069%	$25.3M	$35.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4351	+0.023%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4352	+0.046%	$182K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4341	−0.216%	$796K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4347	−0.069%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4353	+0.069%	$411K	$1.8M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4349	−0.023%	$134K	$320K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4354	+0.083%	$60K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	+0.023%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4351	+0.023%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4357	+0.161%	$106K	$489K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4351	+0.023%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4347	−0.067%	$6K	—	10x	as long as short
Hyperliquid ONDOshort	+0.0102%	1h	0.4355	+0.110%	$36.6M	$27.1M	10x
Extended ONDO-USD	+0.0104%	1h	0.4350	+0.004%	$364K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4352	+0.048%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4351	+0.021%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4351	+0.032%	$35K	$217K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4353	+0.069%	$214K	$633K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4344	−0.138%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4350	+0.007%	$497K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1165%	1h	0.4353	+0.059%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2757%	1h	0.4345	−0.118%	$249K	$160K	5x	as long as short