Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.085%

Price spread now: Hyperliquid against MEXC+0.090%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

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

Long on MEXC Short on Hyperliquid

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−0.022%−$2 · spread now +0.090%, 7d avg +0.081%

Together, before fees+0.332%+ Points / potential airdropHyperliquid: Season 2 · farm board+$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.081%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ONDO_USDT	0.4536	0.0100	pay 0.0050% / 4h	24m 21s	$48.5M	$43.6M	200x
Short	Hyperliquid ONDO	0.4540	0.0135	get 0.0017% / 1h	24m 21s	$40.1M	$26.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.090%Rate

Funding earned: $7.39
Price spread: +0.090% → +0.081%: $0.97
Slippage, 4 orders: −$10.5
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.14
Costs to cover: 0.195%
Break-even: 17.6 days

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 9 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 MEXC live order book, 5 min ago	1.10 bp	1.6 bp −$2	5.0 bp −$50	20.0 bp −$1,995	101.2 bp −$50.6K
Sell Hyperliquid live order book, 9 min ago	0.11 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	−0.0804%	1h	0.4534	−0.034%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.705%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4534	−0.044%	$35K	$437K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4536	−0.009%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4535	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	+0.033%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4540	+0.088%	$720K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4536	−0.006%	$67.9M	$227.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4535	−0.022%	$73.5M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4534	−0.044%	$17.5M	$80.2M	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	0.4531	−0.110%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4536	+0.002%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4534	−0.044%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4536	long leg	$48.5M	$43.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4538	+0.044%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4535	−0.022%	$25.6M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4537	+0.022%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4551	+0.335%	$228K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	+0.220%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4545	+0.199%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.339%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	+0.220%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4538	+0.035%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4535	−0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4535	−0.022%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4545	+0.198%	$133K	$506K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4538	+0.044%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	+0.034%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4534	−0.054%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4537	+0.022%	$44K	$8K	3x	as long as short
Hyperliquid ONDOshort	+0.0135%	1h	0.4540	+0.090%	$40.1M	$26.4M	10x
Phoenix ONDO	+0.0244%	1h	0.4548	+0.269%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4545	+0.198%	$297K	$843K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4538	+0.055%	$374	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4547	+0.243%	$3.3M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4536	−0.009%	$541K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4552	+0.353%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4535	−0.021%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3955%	1h	0.4544	+0.168%	$257K	$132K	5x	as long as short