Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.066%

Price spread now: Hyperliquid against BingX+0.011%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1321.322% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.313%+$31 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now +0.011%, 7d avg +0.110%

Together, before fees+0.590%+ Points / potential airdropHyperliquid: Season 2 · farm board+$59 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.099% cheaper against BingX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ONDO-USDC	0.4359	0.0100	pay 0.0050% / 4h	48m 34s	—	$762K	—
Short	Hyperliquid ONDO	0.4360	0.0100	get 0.0013% / 1h	48m 34s	$37.4M	$24.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.110%: −$9.89
Slippage, 4 orders: −$113.21
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$142.1
Costs to cover: 1.322%
Break-even: never at this rate

Slippage from BingX: live order book, 70 min ago; Hyperliquid: live order book, 5 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 BingX live order book, 70 min ago	2.27 bp	59.0 bp −$59	107.3 bp −$1,073	573.5 bp −$57.3K	960.2 bp −$480.1K
Sell Hyperliquid live order book, 5 min ago	0.23 bp	8.5 bp −$8	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4349	−0.220%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.795%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4351	−0.187%	$2.6M	$8.0M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4349	−0.229%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4349	−0.218%	$368K	$843K	10x	as long as short
Hyperliquid ONDOshort	+0.0100%	1h	0.4360	+0.011%	$37.4M	$24.5M	10x
Binance ONDOUSDT	+0.0100%	4h	0.4357	−0.046%	$62.8M	$228.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4357	−0.046%	$69.0M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4358	−0.023%	$16.7M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4344	−0.346%	$72K	$84K	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	0.4360	+0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4357	−0.046%	$11.5M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4359	0.000%	$45.7M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4357	−0.046%	$12.8M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4359	0.000%	$24.9M	$39.7M	50x	as long as short
BingX ONDO-USDClong	+0.0100%	4h	0.4359	long leg	—	$762K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4354	−0.108%	$187K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.132%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4390	+0.705%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	+0.689%	$405K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4366	+0.161%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4351	−0.179%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	−0.184%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4352	−0.161%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4358	−0.023%	$126K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4352	−0.161%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4358	−0.029%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4359	−0.010%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4351	−0.184%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0199%	4h	0.4358	−0.023%	$731K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4363	+0.083%	$359	$2K	10x	as long as short
Lighter ONDO	+0.0256%	1h	0.4359	+0.002%	$1.1M	$2.4M	10x	as long as short
dYdX ONDO-USD	+0.0259%	1h	0.4352	−0.160%	$246K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.803%	$276K	$719K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4352	−0.161%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4354	−0.124%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0440%	1h	0.4352	−0.161%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0548% / S −0.0190%	1h	0.4349	−0.229%	$480K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4351	−0.184%	$2K	—	20x	as long as short