Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0537%/8h= −58.8% APRpaid last 24h −0.064%

Price spread now: Orderly against Hyperliquid−0.145%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Orderly is 0.145% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4342	0.0637	pay 0.0080% / 1h	48m 38s	$36.7M	$27.3M	10x
Short	Orderly PERP_ONDO_USDC	0.4336	0.0100	get 0.0050% / 4h	3h 48m	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.145%Rate

Funding earned: −$112.86
Price spread: −0.145% → 0.000%: −$14.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$142.37
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Orderly: 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, 5 min ago	0.12 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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.

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	−0.0176%	1h	0.4334	−0.200%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4336	−0.145%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4339	−0.076%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.198%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.012%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	−0.064%	$347K	$890K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	−0.053%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4339	−0.076%	$63.4M	$233.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4337	−0.122%	$68.5M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4339	−0.076%	$17.4M	$72.0M	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	0.4341	−0.021%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4340	−0.059%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4336	−0.145%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4339	−0.076%	$44.6M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4337	−0.122%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4338	−0.099%	$24.9M	$36.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4336	−0.145%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4336	−0.134%	$179K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	−0.081%	$680K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4330	−0.275%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4333	−0.225%	$408K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4331	−0.260%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4339	−0.067%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4336	−0.145%	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4338	−0.099%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4336	−0.145%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.039%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4336	−0.145%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4338	−0.104%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4338	−0.095%	$364K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	−0.088%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	−0.076%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4338	−0.108%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4342	−0.007%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	−0.099%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0574% / S −0.0203%	1h	0.4338	−0.094%	$496K	—	100x	as long as short
Hyperliquid ONDOlong	+0.0637%	1h	0.4342	long leg	$36.7M	$27.3M	10x
Reya ONDORUSDPERP	+0.1162%	1h	0.4336	−0.156%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1744%	1h	0.4334	−0.182%	$243K	$155K	5x	as long as short