Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against Paradex−0.019%54s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ONDO-USD-PERP	0.4329	0.0101	pay 0.0101% / 8h	1h 04m	$6K	—	10x
Short	Hyperliquid ONDO	0.4328	0.0270	get 0.0034% / 1h	4m 49s	$36.4M	$27.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now −0.019%Rate

Funding earned: $35.48
Price spread: −0.019% → 0.000%: −$1.9
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.59
Costs to cover: 0.130%
Break-even: 2.9 days

Slippage unknown: Paradex: no order-book sample; Hyperliquid: live order book, 8 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 8 min ago	0.57 bp	6.5 bp −$6	doesn't fit	doesn't fit	doesn't fit

Paradex: 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	−0.0146%	1h	0.4324	−0.121%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4326	−0.075%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.520%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4328	−0.017%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4325	−0.087%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4327	−0.052%	$779K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4324	−0.116%	$62.5M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4323	−0.139%	$67.8M	$122.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4326	−0.070%	$17.2M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4327	−0.040%	$71K	$81K	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	0.4325	−0.098%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4324	−0.116%	$12.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	−0.139%	$43.3M	$43.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4325	−0.093%	$11.9M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4324	−0.116%	$24.7M	$36.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4324	−0.116%	—	$771K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4325	−0.084%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4331	+0.040%	$735K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4328	−0.021%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	−0.122%	$401K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4328	−0.024%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4327	−0.042%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4325	−0.093%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4325	−0.093%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4326	−0.070%	$450	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4335	+0.138%	$128K	$394K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4328	−0.024%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERPlong	+0.0101%	8h	0.4329	long leg	$6K	—	10x
Extended ONDO-USD	+0.0104%	1h	0.4323	−0.133%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4329	−0.012%	$38K	$13K	3x	as long as short
dYdX ONDO-USD	+0.0160%	1h	0.4331	+0.050%	$243K	$153K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0212%	1h	0.4327	−0.047%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4326	−0.072%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.300%	$215K	$727K	50x	as long as short
Hyperliquid ONDOshort	+0.0270%	1h	0.4328	−0.019%	$36.4M	$27.1M	10x
Phoenix ONDO	+0.0313%	1h	0.4337	+0.182%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4329	0.000%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4325	−0.091%	$495K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1159%	1h	0.4327	−0.047%	$2K	—	20x	as long as short