Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.085%

Price spread now: MEXC against Hyperliquid−0.036%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.354%−$35 on $10k

Price spread, last 7 days−0.032%−$3 · spread now −0.036%, 7d avg −0.081%

Together, before fees−0.386%+ Points / potential airdropHyperliquid: Season 2 · farm board−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.044% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.036% now, against its 7-day average of −0.081%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days. At the pace of the last 7 days (−0.354% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4545	0.0140	pay 0.0018% / 1h	24m 36s	$40.2M	$26.4M	10x
Short	MEXC ONDO_USDT	0.4543	0.0100	get 0.0050% / 4h	24m 36s	$48.7M	$43.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$8.42
Price spread: −0.036% → −0.081%: $4.44
Slippage, 4 orders: −$10.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$23.47
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; MEXC: live order book, 4 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 Hyperliquid live order book, 9 min ago	0.11 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.10 bp	2.8 bp −$3	4.7 bp −$47	17.2 bp −$1,716	107.3 bp −$53.6K

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	−0.0802%	1h	0.4547	+0.052%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.514%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4541	−0.091%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4542	−0.058%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	−0.168%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4544	−0.016%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4539	−0.119%	$67.9M	$227.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4538	−0.146%	$73.6M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4536	−0.190%	$17.6M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	−0.300%	$74K	$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	0.4536	−0.188%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4535	−0.212%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4543	−0.036%	$48.7M	$43.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4541	−0.080%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4539	−0.124%	$25.6M	$41.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4538	−0.146%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4551	+0.144%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	+0.029%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4545	+0.009%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.148%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	+0.030%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4541	−0.069%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4540	−0.102%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	+0.052%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4549	+0.096%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4548	+0.074%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	−0.156%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4536	−0.200%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4547	+0.063%	$44K	$8K	3x	as long as short
Hyperliquid ONDOlong	+0.0140%	1h	0.4545	long leg	$40.2M	$26.4M	10x
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4544	−0.014%	$35K	$437K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	+0.078%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4539	−0.124%	$296K	$842K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4540	−0.105%	$374	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4547	+0.052%	$3.3M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4541	−0.081%	$542K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4552	+0.162%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4540	−0.104%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3955%	1h	0.4544	−0.023%	$257K	$132K	5x	as long as short