Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0077%/8h= +8.5% APRpaid last 24h −0.068%

Price spread now: Phemex against Hyperliquid−0.290%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.492%−$49 on $10k

Price spread, last 3 days (all we have)+0.114%+$11 · spread now −0.290%, 7d avg −0.090%

Together, before fees−0.378%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.200% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.290% now, against its 7-day average of −0.090%). If the spread goes back, that is −$20 on $10k: about 8.6 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.492%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4416	0.0100	pay 0.0013% / 1h	59m 45s	$38.7M	$24.1M	10x
Short	Phemex ONDOUSDT	0.4403	0.0177	get 0.0089% / 4h	1h 59m	$4.2M	$7.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.290%Rate

Funding earned: $16.25
Price spread: −0.290% → −0.090%: −$20.04
Slippage, 4 orders: −$27.9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.69
Costs to cover: 0.489%
Break-even: 29.7 days

Slippage from Hyperliquid: live order book, 4 min ago; Phemex: 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, 4 min ago	1.02 bp	9.7 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.66 bp	16.7 bp −$17	29.6 bp −$296	doesn't fit	doesn't fit

ONDO on 38 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	−0.0363%	1h	0.4403	−0.300%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	−0.106%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4402	−0.314%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.447%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4403	−0.290%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4408	−0.165%	$380K	$833K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4416	long leg	$38.7M	$24.1M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4408	−0.170%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4411	−0.114%	$64.0M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4413	−0.063%	$69.9M	$122.3M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	−0.018%	$17.0M	$72.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.091%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4405	−0.245%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4406	−0.222%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.177%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4405	−0.245%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4414	−0.041%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4411	−0.109%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	−0.002%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4410	−0.124%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	−0.180%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	−0.086%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4406	−0.215%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4407	−0.199%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.245%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4412	−0.086%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4407	−0.203%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4407	−0.200%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	−0.140%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0177%	1h	0.4404	−0.263%	$196K	$988K	15x	as long as short
Phemex ONDOUSDTshort	+0.0177%	4h	0.4403	−0.290%	$4.2M	$7.5M	50x
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4405	−0.245%	$23K	$349K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.140%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.059%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4409	−0.165%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4401	−0.337%	$486K	—	100x	as long as short
Lighter ONDO	+0.0784%	1h	0.4411	−0.100%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4403	−0.297%	$2K	—	20x	as long as short