ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1074%/8h= −117.6% APRnext payment −$1.34 per $10,000 · paid last 24h +0.059%

Price spread now: Kraken Futures against Hyperliquid−0.376%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 3 days (all we have)+0.284%+$28 · spread now −0.376%, 7d avg −0.031%

Together, before fees+0.268%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Kraken Futures is 0.345% cheaper against Hyperliquid than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of −0.031%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.015% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.34 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4637	0.0210	pay 0.0026% / 1h	35m 39s	$41.2M	$25.4M	10x
Short	Kraken Futures PF_ONDOUSD	0.4619	−0.0865	pay 0.0108% / 1h	35m 39s	$2.8M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.376%Rate

Funding earned: −$225.59
Price spread: −0.376% → −0.031%: −$34.45
Slippage, 4 orders: −$34.09
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$313.13
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Kraken Futures: 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, 8 min ago	1.20 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	4.38 bp	15.6 bp −$16	29.3 bp −$293	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_ONDOUSDshort	−0.0865%	1h	0.4619	−0.376%	$2.8M	$8.0M	50x
dYdX ONDO-USD	0.0000%	1h	0.4625	−0.242%	$262K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4613	−0.506%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−1.479%	$888	$216K	5.5x	as long as short
Gate ONDO_USDT	+0.0060%	4h	0.4630	−0.142%	$12.1M	$16.6M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4612	−0.530%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4616	−0.444%	$438K	$709K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4633	−0.077%	$731K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4630	−0.140%	$69.4M	$225.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4629	−0.163%	$75.0M	$120.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4629	−0.163%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4622	−0.317%	$76K	$90K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4611	−0.561%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4629	−0.163%	$50.2M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4628	−0.185%	$14.3M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4631	−0.120%	$26.2M	$39.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4626	−0.228%	—	$742K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4630	−0.135%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4615	−0.470%	$820K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4577	−1.288%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4573	−1.364%	$423K	$959K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4579	−1.242%	$173K	$338K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4618	−0.405%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4616	−0.444%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4616	−0.444%	$480	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4622	−0.314%	$136K	$497K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4622	−0.314%	$4.6M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4628	−0.187%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4631	−0.120%	$412K	$836K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4616	−0.448%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0184%	1h	0.4614	−0.487%	$34K	$363K	25x	as long as short
Hyperliquid ONDOlong	+0.0210%	1h	0.4637	long leg	$41.2M	$25.4M	10x
01 Exchange ONDOUSD	+0.0240%	1h	0.4616	−0.435%	$380	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4578	−1.261%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4613	−0.509%	$299K	$825K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4606	−0.660%	$3.3M	$3.1M	75x	as long as short
Lighter ONDO	+0.0560%	1h	0.4636	−0.023%	$1.5M	$2.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4614	−0.490%	$551K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1145%	1h	0.4616	−0.449%	$2K	—	20x	as long as short