Ondovs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 4 liquid markets shared by Hyperliquid and Ondo, no setup covered entry and exit over the past 7 days: the best, $SOL (long Ondo, short Hyperliquid), paid 1.0% APR over 7 days, -7.3% after costs.
4 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Ondo | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.035%✓ | 0.045% |
| Maker fee | 0.015% | 0.015% |
| Open Interest | $93.6M | $12.26B✓ |
| 24h Volume | $29.9M | $3.83B✓ |
| Avg Funding APR | 12.07% | 9.91% |
| Markets | 78 | 175✓ |
| Airdrop / token | Points Active | Listed |
Ondo and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Ondo is cheaper (0.035% vs 0.045% taker). On liquidity, Hyperliquid is deeper with $12.26B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Ondo and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Ondo and Hyperliquid pays most?
- Across 4 liquid markets shared by Hyperliquid and Ondo, no setup covered entry and exit over the past 7 days: the best, $SOL (long Ondo, short Hyperliquid), paid 1.0% APR over 7 days, -7.3% after costs. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Ondo or Hyperliquid cheaper?
- Ondo charges 0.035% taker / 0.015% maker; Hyperliquid charges 0.045% taker / 0.015% maker. Ondo has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Ondo or Hyperliquid?
- Ondo has $93.6M open interest across 78 markets; Hyperliquid has $12.26B across 175. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Ondo and Hyperliquid?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.