Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h +0.066%

Price spread now: Hyperliquid against Binance+0.086%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.359%+$36 on $10k

Price spread, last 7 days−0.041%−$4 · spread now +0.086%, 7d avg +0.065%

Together, before fees+0.318%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.020% dearer against Binance than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4397	0.0100	pay 0.0050% / 4h	3h 57m	$63.6M	$230.7M	75x
Short	Hyperliquid ONDO	0.4401	0.0338	get 0.0042% / 1h	57m 38s	$37.9M	$24.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.086%Rate

Funding earned: $49.98
Price spread: +0.086% → +0.065%: $2.05
Slippage, 4 orders: −$14.29
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $18.74
Costs to cover: 0.333%
Break-even: 4.4 days

Slippage from Binance: live order book, 16 min ago; Hyperliquid: live order book, 6 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 Binance live order book, 16 min ago	1.14 bp	9.5 bp −$9	14.7 bp −$147	53.9 bp −$5,391	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.11 bp	6.1 bp −$6	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	−0.0159%	1h	0.4394	−0.073%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4394	−0.066%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4390	−0.149%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.888%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4401	+0.086%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	−0.114%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4393	−0.086%	$363K	$847K	10x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4397	long leg	$63.6M	$230.7M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4395	−0.046%	$68.1M	$126.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4395	−0.046%	$17.2M	$73.3M	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	0.4393	−0.089%	$73K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4392	−0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4395	−0.046%	$11.6M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4398	+0.022%	$44.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4397	−0.001%	$12.7M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4398	+0.022%	$25.2M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4395	−0.046%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4396	−0.019%	$185K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4399	+0.039%	$719K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	+0.044%	$4K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4393	−0.091%	$409K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4396	−0.023%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4393	−0.089%	$69K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4393	−0.092%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4396	−0.023%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4403	+0.136%	$130K	$434K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4395	−0.038%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4395	−0.040%	$395K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4395	−0.035%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4393	−0.085%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4393	−0.092%	$18K	$367K	25x	as long as short
Aster ONDOUSDT	+0.0227%	4h	0.4398	+0.022%	$762K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4401	+0.090%	$272K	$731K	50x	as long as short
Hyperliquid ONDOshort	+0.0338%	1h	0.4401	+0.086%	$37.9M	$24.7M	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4396	−0.023%	$3.1M	$3.0M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4396	−0.012%	$35K	$218K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0607% / S −0.0219%	1h	0.4390	−0.156%	$522K	—	100x	as long as short
Phemex ONDOUSDT	+0.0814%	4h	0.4393	−0.092%	$4.3M	$7.9M	50x	as long as short
Reya ONDORUSDPERP	+0.1153%	1h	0.4393	−0.098%	$2K	—	20x	as long as short