Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0469%/8h= +51.3% APRpaid last 24h +0.061%

Price spread now: Hyperliquid against Bybit+0.179%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.372%+$37 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.179%, 7d avg +0.095%

Together, before fees+0.214%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.084% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4313	0.0100	pay 0.0050% / 4h	3h 56m	$68.0M	$122.2M	50x
Short	Hyperliquid ONDO	0.4321	0.0569	get 0.0071% / 1h	56m 04s	$36.5M	$27.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.179%Rate

Funding earned: $98.43
Price spread: +0.179% → +0.095%: $8.36
Slippage, 4 orders: −$9.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $77.12
Costs to cover: 0.297%
Break-even: 1.5 days

Slippage from Bybit: live order book, 3 min ago; Hyperliquid: live order book, 7 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 Bybit live order book, 3 min ago	1.15 bp	7.0 bp −$7	12.1 bp −$121	46.2 bp −$4,621	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.69 bp	6.0 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	−0.0177%	1h	0.4320	+0.164%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4323	+0.232%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4321	+0.184%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.912%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4325	+0.278%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4326	+0.307%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4318	+0.116%	$758K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4315	+0.046%	$63.0M	$234.4M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4313	long leg	$68.0M	$122.2M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4312	−0.023%	$17.3M	$71.7M	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	0.4339	+0.591%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4330	+0.392%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4316	+0.070%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4320	+0.162%	$44.0M	$41.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4323	+0.232%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4309	−0.093%	$24.6M	$36.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4317	+0.093%	—	$778K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	+0.053%	$175K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.253%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4322	+0.217%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	+0.259%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	+0.185%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4324	+0.255%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	+0.185%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4324	+0.255%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.209%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4336	+0.533%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	+0.162%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4331	+0.424%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4321	+0.183%	$366K	$827K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4324	+0.255%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.603%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	+0.357%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0320%	1h	0.4333	+0.459%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	+0.510%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDOshort	+0.0569%	1h	0.4321	+0.179%	$36.5M	$27.3M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4320	+0.167%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4324	+0.244%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1625%	1h	0.4333	+0.471%	$243K	$155K	5x	as long as short