Teranodes otwayensis is a species of funnel-web spider in the Hexathelidae family. It is endemic to Australia. It was described in 1978 by Australian arachnologist Robert Raven.
The species occurs in Victoria, in open, wet sclerophyll forest habitats. The type locality is the Otway Range in the south-west of the state.
The spiders are fossorial, terrestrial predators.