Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0184%/8h= +20.2% APRpaid last 24h +0.095%

Price spread now: Hyperliquid against KuCoin+0.138%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 7 days−0.099%−$10 · spread now +0.138%, 7d avg +0.050%

Together, before fees+0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.088% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ONDOUSDTM	0.4496	0.0100	pay 0.0050% / 4h	2h 05m	$13.4M	$10.8M	50x
Short	Hyperliquid ONDO	0.4502	0.0284	get 0.0036% / 1h	5m 27s	$40.2M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.138%Rate

Funding earned: $38.67
Price spread: +0.138% → +0.050%: $8.77
Slippage, 4 orders: −$31.39
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$4.95
Costs to cover: 0.524%
Break-even: 7.9 days

Slippage from KuCoin: live order book, 3 min ago; Hyperliquid: live order book, 8 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 KuCoin live order book, 3 min ago	2.22 bp	19.3 bp −$19	46.4 bp −$464	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.11 bp	8.3 bp −$8	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	−0.1131%	1h	0.4496	−0.010%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4497	+0.022%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4496	+0.011%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	+0.100%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.578%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4497	+0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4497	+0.017%	$422K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4501	+0.103%	$757K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4497	+0.027%	$66.2M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4497	+0.022%	$72.8M	$118.1M	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	0.4496	0.000%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4520	+0.532%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4499	+0.068%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4495	−0.022%	$11.7M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4499	+0.067%	$47.1M	$45.7M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4496	long leg	$13.4M	$10.8M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4497	+0.022%	$25.4M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4497	+0.022%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4500	+0.082%	$194K	$973K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4496	+0.007%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4516	+0.444%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4514	+0.407%	$426K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4506	+0.222%	$159K	$333K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4500	+0.091%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4497	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4498	+0.044%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4506	+0.222%	$129K	$519K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4499	+0.067%	$4.7M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4498	+0.043%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4499	+0.060%	$401K	$917K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4498	+0.044%	$35K	—	3x	as long as short
Hyperliquid ONDOshort	+0.0284%	1h	0.4502	+0.138%	$40.2M	$27.6M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4501	+0.111%	$297K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4512	+0.356%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4504	+0.185%	$371	$2K	10x	as long as short
Lighter ONDO	+0.0544%	1h	0.4505	+0.207%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4497	+0.013%	$541K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4498	+0.039%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9354%	1h	0.4499	+0.066%	$255K	$129K	5x	as long as short