ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0092%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h +0.063%

Price spread now: Hyperliquid against Phoenix−0.349%61s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.393%+$39 on $10k

Price spread, last 4 days (all we have)−0.438%−$44 · spread now −0.349%, 7d avg +0.015%

Together, before fees−0.046%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hyperliquid is 0.364% cheaper against Phoenix than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.015%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.393%, so the current rate has only just turned against you. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4409	0.0338	pay 0.0042% / 1h	10m 28s	$35K	$231K	10x
Short	Hyperliquid ONDO	0.4394	0.0247	get 0.0031% / 1h	10m 28s	$38.7M	$25.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phoenix. 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 PhoenixbpFee HyperliquidbpOrdersPrice spread, now −0.349%Rate

Funding earned: −$19.24
Price spread: −0.349% → +0.015%: −$36.41
Slippage, 4 orders: −$24.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$95.68
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Hyperliquid: live order book, 3 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 Phoenix live order book, 52 min ago	1.10 bp	12.6 bp −$13	51.3 bp −$513	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.23 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4400	−0.209%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4392	−0.392%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4396	−0.308%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.597%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4399	−0.236%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4392	−0.383%	$380K	$859K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4397	−0.283%	$676K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4393	−0.375%	$63.7M	$231.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4392	−0.395%	$69.6M	$124.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4392	−0.395%	$17.0M	$74.5M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4399	−0.234%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4391	−0.421%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4392	−0.395%	$11.6M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4393	−0.372%	$46.2M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4394	−0.349%	$13.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4392	−0.395%	$25.0M	$40.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4394	−0.349%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4398	−0.265%	$762K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4403	−0.141%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4407	−0.058%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4405	−0.100%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.365%	$90K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4400	−0.213%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4402	−0.168%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4402	−0.168%	$129K	$506K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4394	−0.353%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4393	−0.374%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4402	−0.156%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0164%	1h	0.4401	−0.195%	$201K	$1.0M	15x	as long as short
Hyperliquid ONDOshort	+0.0247%	1h	0.4394	−0.349%	$38.7M	$25.8M	10x
Phemex ONDOUSDT	+0.0306%	4h	0.4401	−0.191%	$4.2M	$7.5M	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.286%	$284K	$713K	50x	as long as short
Phoenix ONDOlong	+0.0338%	1h	0.4409	long leg	$35K	$231K	10x
01 Exchange ONDOUSD	+0.0352%	1h	0.4395	−0.333%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4402	−0.168%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4396	−0.301%	$485K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4400	−0.225%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4391	−0.413%	$2K	—	20x	as long as short