Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0041%/8h= −4.4% APRpaid last 24h −0.003%

Price spread now: BloFin against Hyperliquid+0.327%87s7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.316% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 3 days (all we have)−0.453%−$45 · spread now +0.327%, 7d avg −0.066%

Together, before fees−0.341%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.393% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.327% now, against its 7-day average of −0.066%): +$39 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 32 days. Mind the row above: over the last 7 days funding on this pair paid +0.112%, so the current rate has only just turned against you. The two prices were read 87 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	Hyperliquid ONDO	0.4583	0.0381	pay 0.0048% / 1h	5m 47s	$40.8M	$24.8M	10x
Short	BloFin ONDO-USDT	0.4598	0.0340	get 0.0170% / 4h	3h 05m	$3.3M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.327%Rate

Funding earned: −$8.51
Price spread: +0.327% → −0.066%: $39.29
Slippage, 4 orders: −$10.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$0.82
Costs to cover: 0.316%
Break-even: from the start

Slippage from Hyperliquid: live order book, 7 min ago; BloFin: live order book, 3 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, 7 min ago	1.08 bp	9.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	1.09 bp	7.1 bp −$7	8.1 bp −$81	22.6 bp −$2,256	105.8 bp −$52.9K

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	−0.0871%	1h	0.4583	+0.003%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4585	+0.037%	$259K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4577	−0.131%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.327%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4577	−0.131%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4579	−0.093%	$429K	$705K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4578	−0.116%	$68.6M	$221.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4576	−0.153%	$73.7M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4577	−0.131%	$17.5M	$77.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4593	+0.216%	$73K	$91K	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	0.4580	−0.073%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4575	−0.175%	$12.0M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4578	−0.109%	$49.2M	$42.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4580	−0.065%	$14.2M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4577	−0.131%	$26.0M	$38.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4577	−0.131%	—	$744K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4576	−0.160%	$812K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.446%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4601	+0.398%	$425K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	+0.458%	$172K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4581	−0.041%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4579	−0.087%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4583	0.000%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4596	+0.284%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4586	+0.065%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4582	−0.029%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4576	−0.161%	$417K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4582	−0.017%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0107%	4h	0.4586	+0.058%	$723K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0112%	1h	0.4584	+0.028%	$231K	$999K	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4579	−0.087%	$33K	$340K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4601	+0.382%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4582	−0.015%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4596	+0.284%	$300K	$816K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4598	+0.327%	$3.3M	$3.0M	75x
Hyperliquid ONDOlong	+0.0381%	1h	0.4583	long leg	$40.8M	$24.8M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0188%	1h	0.4576	−0.143%	$546K	—	100x	as long as short
Lighter ONDO	+0.0688%	1h	0.4593	+0.212%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4579	−0.096%	$2K	—	20x	as long as short