Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.059%

Price spread now: OKX against Hyperliquid−0.142%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.343%−$34 on $10k

Price spread, last 7 days+0.122%+$12 · spread now −0.142%, 7d avg −0.091%

Together, before fees−0.222%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 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: OKX is 0.052% cheaper against Hyperliquid than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4284	0.0100	pay 0.0013% / 1h	27m 28s	$35.7M	$27.0M	10x
Short	OKX ONDO-USDT-SWAP	0.4278	0.0100	get 0.0050% / 4h	1h 27m	$16.8M	$67.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.142%Rate

Funding earned: $0
Price spread: −0.142% → −0.091%: −$5.17
Slippage, 4 orders: −$14.39
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$38.56
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; OKX: 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	0.81 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.17 bp	7.6 bp −$8	19.9 bp −$199	84.7 bp −$8,471	doesn't fit

ONDO on 39 exchanges

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	−0.0328%	1h	0.4282	−0.047%	$2.5M	$7.0M	50x	as long as short
01 Exchange ONDOUSD	−0.0008%	1h	0.4280	−0.098%	$352	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4283	−0.026%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4283	−0.030%	$7K	—	150x	as long as short
Bybit ONDOUSDT	+0.0025%	4h	0.4277	−0.166%	$66.2M	$116.3M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.627%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4285	+0.028%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4282	−0.049%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4279	−0.107%	$330K	$830K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4284	long leg	$35.7M	$27.0M	10x

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4283	−0.028%	$760K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4279	−0.112%	$61.8M	$222.1M	75x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4278	−0.142%	$16.8M	$67.3M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4286	+0.056%	$68K	$73K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4281	−0.073%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4281	−0.072%	$13.8M	$13.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4281	−0.072%	$43.4M	$41.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4282	−0.049%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4279	−0.119%	$24.7M	$33.0M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4279	−0.119%	—	$23.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4283	−0.035%	$183K	$985K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4270	−0.318%	$666K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4279	−0.114%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4273	−0.253%	$401K	$2.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4280	−0.096%	$85K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4284	+0.002%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4284	−0.002%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4283	−0.026%	$445	$16K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4291	+0.161%	$105K	$463K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4282	−0.049%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4278	−0.145%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4278	−0.153%	$346K	$769K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4284	−0.014%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0173% / S +0.0229%	1h	0.4281	−0.082%	$348K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4281	−0.079%	$34K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4282	−0.049%	$211K	$605K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4279	−0.119%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1167%	1h	0.4281	−0.080%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3745%	1h	0.4282	−0.056%	$245K	$159K	5x	as long as short