Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.086%

Price spread now: Orderly against Hyperliquid−0.096%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.096% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ONDO	0.4576	0.0100	pay 0.0013% / 1h	57m 19s	$40.5M	$26.3M	10x
Short	Orderly PERP_ONDO_USDC	0.4572	0.0098	get 0.0049% / 4h	3h 57m	$25K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.096%Rate

Funding earned: −$0.44
Price spread: −0.096% → 0.000%: −$9.61
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.06
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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, 6 min ago	0.11 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0873%	1h	0.4577	+0.006%	$2.8M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0836%	4h	0.4571	−0.118%	$12.0M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4572	−0.103%	$259K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4578	+0.035%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4575	−0.026%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.184%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0098%	4h	0.4572	−0.096%	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4568	−0.184%	$440K	$706K	10x	as long as short
Hyperliquid ONDOlong	+0.0100%	1h	0.4576	long leg	$40.5M	$26.3M	10x
Aster ONDOUSDT	+0.0100%	4h	0.4573	−0.082%	$723K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4574	−0.052%	$68.4M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4574	−0.052%	$74.1M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4574	−0.052%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4564	−0.264%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4568	−0.187%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4572	−0.096%	$49.0M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4572	−0.096%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4572	−0.096%	$25.8M	$40.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4573	−0.074%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4582	+0.120%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.055%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4578	+0.032%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4581	+0.100%	$423K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4577	+0.013%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4573	−0.079%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4577	+0.013%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4577	+0.013%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4586	+0.210%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	+0.057%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4570	−0.129%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4567	−0.202%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4577	+0.014%	$42K	$11K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4571	−0.129%	$376	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	+0.186%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.101%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4580	+0.079%	$3.3M	$3.3M	75x	as long as short
Lighter ONDO	+0.0400%	1h	0.4577	+0.022%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4573	−0.070%	$545K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4571	−0.122%	$2K	—	20x	as long as short