Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.020%

Price spread now: Ondo Perps against Hyperliquid−0.121%52s7-day average −0.032% · you buy dearer than you sell

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

Long on Hyperliquid Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 7 days−0.069%−$7 · spread now −0.121%, 7d avg −0.032%

Together, before fees−0.080%+ Points / potential airdropHyperliquid: Season 2 · Ondo Perps: Active · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.089% cheaper against Hyperliquid than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.032%. The two prices were read 52 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	Hyperliquid BTC	85,772	0.0100	pay 0.0013% / 1h	32m 52s	$3.78B	$4.94B	40x
Short	Ondo Perps BTC-USD.P	85,668	0.0100	get 0.0013% / 1h	32m 52s	$3.9M	$18.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Hyperliquid. 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 HyperliquidbpFee Ondo PerpsbpOrdersPrice spread, now −0.121%Rate

Funding earned: $0
Price spread: −0.121% → −0.032%: −$8.9
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$22.9
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Ondo Perps: no order-book sample. 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 Hyperliquid live order book, 11 min ago	0.06 bp	6.0 bp −$6	6.1 bp −$61	6.5 bp −$655	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

BTC on 56 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
Phoenix BTC	−0.0160%	1h	85,662	−0.128%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,709	−0.073%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,682.9	−0.104%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	−0.089%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.101%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.5	−0.082%	$36.6M	—	200x	as long as short
Bluefin BTC-PERP	+0.0010%	1h	85,726.5	−0.053%	$196K	$722K	40x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,695.9	−0.089%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,681.2	−0.106%	$918.2M	$753.0M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,688.5	−0.097%	$516.3M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,696.2	−0.088%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,697.2	−0.087%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,692.9	−0.092%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,690.8	−0.095%	$2.27B	$935.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.226%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,691.9	−0.093%	$147.9M	$479.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,686.5	−0.100%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,675.7	−0.112%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,692.8	−0.092%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,693.7	−0.091%	$9.35B	$23.91B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,733.2	−0.045%	$892.7M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,702.9	−0.081%	$170.2M	$989.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,704.3	−0.079%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,696	−0.089%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,715.4	−0.066%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,662	−0.128%	$196K	$7.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,772	long leg	$3.78B	$4.94B	40x
Pacifica BTC	+0.0100%	1h	85,707.5	−0.075%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,707.7	−0.075%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,708.8	−0.074%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,668	−0.121%	$3.9M	$18.0M	25x
Arcus BTC-USD	+0.0100%	1h	85,646.7	−0.146%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,698.5	−0.086%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,692.2	−0.093%	$35.5M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.174%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.201%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.147%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.179%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,651	−0.141%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.6	−0.042%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,691	−0.094%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	−0.084%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	−0.092%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	−0.101%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,696	−0.089%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.184%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,663.5	−0.126%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	−0.103%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,736.2	−0.042%	$130.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,716.9	−0.064%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,721.5	−0.059%	$188.9M	$949.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,629.2	−0.167%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	−0.103%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,700	−0.084%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,712	−0.070%	$10.5M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,682	−0.105%	$519K	$19.4M	6.7x	as long as short