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: Hyperliquid against Paradex−0.027%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Hyperliquid: 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 0.027% cheaper against Paradex than usual: you would sell low and buy high, −$3 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	Paradex ONDO-USD-PERP	0.4349	0.0100	pay 0.0100% / 8h	2h 00m	$6K	—	10x
Short	Hyperliquid ONDO	0.4348	0.0100	get 0.0013% / 1h	0m 05s	$36.7M	$27.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$0.03
Price spread: −0.027% → 0.000%: −$2.75
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.77
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Hyperliquid: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 3 min ago	0.23 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit

Paradex: 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 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	−0.0240%	1h	0.4346	−0.069%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4346	−0.072%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0008%	1h	0.4349	+0.008%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.041%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4350	+0.030%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4348	−0.018%	$347K	$895K	10x	as long as short
Hyperliquid ONDOshort	+0.0100%	1h	0.4348	−0.027%	$36.7M	$27.2M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4349	−0.002%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4346	−0.067%	$63.1M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4344	−0.110%	$67.8M	$126.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4343	−0.133%	$17.3M	$73.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4351	+0.055%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4346	−0.070%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4344	−0.110%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4342	−0.156%	$43.1M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4347	−0.041%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4344	−0.110%	$24.9M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4344	−0.110%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4344	−0.106%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4348	−0.025%	$645K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4356	+0.156%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4356	+0.176%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.281%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4348	−0.014%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4347	−0.041%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4353	+0.097%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4346	−0.064%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4355	+0.143%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4347	−0.041%	$4.2M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0100%	8h	0.4349	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4345	−0.088%	$395K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4350	+0.016%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4348	−0.027%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.396%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4361	+0.288%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4353	+0.097%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0441%	1h	0.4347	−0.041%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4345	−0.082%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4346	−0.054%	$2K	—	20x	as long as short