Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0264%/8h= −28.9% APRpaid last 24h −0.075%

Price spread now: Binance against Hyperliquid−0.108%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Hyperliquid Short on Binance

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+0.039%+$4 · spread now −0.108%, 7d avg −0.066%

Together, before fees−0.315%+ Points / potential airdropHyperliquid: Season 2 · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.042% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4613	0.0364	pay 0.0045% / 1h	11m 33s	$41.0M	$25.1M	10x
Short	Binance ONDOUSDT	0.4608	0.0100	get 0.0050% / 4h	3h 11m	$69.0M	$220.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.108%Rate

Funding earned: −$55.44
Price spread: −0.108% → −0.066%: −$4.22
Slippage, 4 orders: −$16.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$94.89
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Binance: live order book, 2 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 Hyperliquid live order book, 12 min ago	1.41 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.08 bp	8.4 bp −$8	14.9 bp −$149	52.1 bp −$5,210	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	−0.0866%	1h	0.4613	−0.009%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	−0.131%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	−0.054%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.976%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4611	−0.043%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4604	−0.190%	$432K	$706K	10x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4608	−0.108%	$69.0M	$220.9M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4606	−0.152%	$74.2M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4604	−0.195%	$17.6M	$77.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.264%	$73K	$92K	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	0.4605	−0.172%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4603	−0.217%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4602	−0.238%	$49.7M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4609	−0.087%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4604	−0.195%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4603	−0.217%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4608	−0.113%	$818K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.051%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.014%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.065%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4617	+0.091%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	−0.043%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4613	0.000%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4622	+0.195%	$136K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4609	−0.087%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	−0.113%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4603	−0.207%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	+0.040%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0105%	4h	0.4612	−0.022%	$727K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4610	−0.072%	$232K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.538%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4610	−0.063%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.412%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.108%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDOlong	+0.0364%	1h	0.4613	long leg	$41.0M	$25.1M	10x
Deribit ONDO_USDC-PERPETUAL	+0.0400%	1h	0.4615	+0.043%	$34K	$342K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4611	−0.048%	$550K	—	100x	as long as short
Lighter ONDO	+0.0680%	1h	0.4615	+0.033%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4612	−0.016%	$2K	—	20x	as long as short