Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.066%

Price spread now: Hyperliquid against Phemex+0.059%7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.493%+$49 on $10k

Price spread, last 4 days (all we have)+0.428%+$43 · spread now +0.059%, 7d avg +0.091%

Together, before fees+0.921%+ Points / potential airdropHyperliquid: Season 2 · farm board+$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.033% cheaper against Phemex than usual: you would sell low and buy high (spread +0.059% now, against its 7-day average of +0.091%). If the spread goes back, that is −$3 on $10k: about 46 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.493% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4434	0.0100	pay 0.0050% / 4h	1h 17m	$4.2M	$7.6M	50x
Short	Hyperliquid ONDO	0.4437	0.0157	get 0.0020% / 1h	17m 20s	$38.5M	$24.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.059%Rate

Funding earned: $11.92
Price spread: +0.059% → +0.091%: −$3.28
Slippage, 4 orders: −$20.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.9
Costs to cover: 0.415%
Break-even: 26.3 days

Slippage from Phemex: live order book, 2 min ago; Hyperliquid: live order book, 6 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 Phemex live order book, 2 min ago	3.38 bp	14.8 bp −$15	19.4 bp −$194	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.79 bp	5.7 bp −$6	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
dYdX ONDO-USD	+0.0001%	1h	0.4430	−0.088%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4433	−0.014%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.022%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4433	−0.031%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4433	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4437	+0.079%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4434	0.000%	$64.3M	$225.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4432	−0.045%	$70.2M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4435	+0.023%	$17.2M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4447	+0.286%	$73K	$88K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4434	−0.006%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4433	−0.023%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4434	0.000%	$47.3M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4433	−0.023%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4435	+0.023%	$25.3M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4434	0.000%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	+0.151%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4438	+0.097%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4439	+0.104%	$415K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.203%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4437	+0.074%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4437	+0.068%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4434	0.000%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4443	+0.203%	$131K	$473K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4434	long leg	$4.2M	$7.6M	50x
Extended ONDO-USD	+0.0104%	1h	0.4432	−0.037%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4435	+0.018%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4434	−0.006%	$6K	—	10x	as long as short
Hyperliquid ONDOshort	+0.0157%	1h	0.4437	+0.059%	$38.5M	$24.2M	10x
Aster ONDOUSDT	+0.0184%	4h	0.4437	+0.075%	$714K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0210%	1h	0.4435	+0.016%	$192K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4440	+0.138%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4435	+0.023%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4437	+0.079%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4432	−0.045%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0427%	1h	0.4434	0.000%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4433	−0.025%	$489K	—	100x	as long as short
Lighter ONDO	+0.0848%	1h	0.4441	+0.167%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4435	+0.015%	$2K	—	20x	as long as short