Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0630%/8h= +68.9% APRpaid last 24h +0.095%

Price spread now: Hyperliquid against SunX+0.051%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1591.590% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 3 days (all we have)+0.242%+$24 · spread now +0.051%, 7d avg +0.111%

Together, before fees+0.524%+ Points / potential airdropHyperliquid: Season 2 · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.060% cheaper against SunX than usual: you would sell low and buy high (spread +0.051% now, against its 7-day average of +0.111%). If the spread goes back, that is −$6 on $10k: about 8 hours of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.282% in total) that is about 36 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.282% in total (about 14.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4536	0.0100	pay 0.0050% / 4h	1h 56m	—	$1.4M	20x
Short	Hyperliquid ONDO	0.4538	0.0730	get 0.0091% / 1h	56m 06s	$40.6M	$27.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.051%Rate

Funding earned: $132.21
Price spread: +0.051% → +0.111%: −$6
Slippage, 4 orders: −$141.96
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.75
Costs to cover: 1.590%
Break-even: 8.7 days

Slippage from SunX: live order book, 8 min ago; Hyperliquid: live order book, 7 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 SunX live order book, 8 min ago	47.73 bp	71.5 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.00 bp	8.2 bp −$8	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
Kraken Futures PF_ONDOUSD	−0.0355%	1h	0.4528	−0.172%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4536	0.000%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	−0.037%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4509	−0.604%	$29K	$213K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4533	−0.066%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4531	−0.116%	$425K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4535	−0.022%	$763K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4533	−0.070%	$66.8M	$220.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4533	−0.066%	$73.5M	$118.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4530	−0.132%	$17.7M	$80.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4515	−0.454%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4532	−0.095%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4532	−0.088%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4533	−0.066%	$47.4M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4533	−0.066%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4532	−0.088%	$25.6M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4533	−0.066%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4535	−0.024%	$196K	$972K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4505	−0.676%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4510	−0.580%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4504	−0.712%	$425K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4510	−0.573%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4532	−0.079%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4536	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4534	−0.044%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4543	+0.154%	$130K	$510K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4533	−0.066%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4531	−0.111%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4531	−0.115%	$403K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	+0.044%	$44K	$8K	3x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.728%	$1K	$181K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.044%	$300K	$847K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4530	−0.132%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4534	−0.035%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0552%	1h	0.4541	+0.117%	$1.4M	$2.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4534	−0.055%	$545K	—	100x	as long as short
Hyperliquid ONDOshort	+0.0730%	1h	0.4538	+0.051%	$40.6M	$27.7M	10x
Reya ONDORUSDPERP	+0.1140%	1h	0.4533	−0.063%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1634%	1h	0.4526	−0.223%	$256K	$130K	5x	as long as short