Honda is a utensil consisting of a strip of flexible material, especially leather, and is used to throw stones. According to the Bible, David slew Goliath with a stone which threw with his honda. Wave is a wave of the sea, but is also a curve on a surface or sinuous line (like the waves of the hair) or a reverb that spreads in a medium from one point to another (such as a flame blazing waves).
Honda and onda are homophonous but not homografas words and therefore have different meaning, although in some places the h sounds like something sucked, in the Spanish of Castile and the part North-Central Spain the h is completely silent. The reason for their different spelling is the etymological origin: honda comes from the Latin word cover fundae that reached us via heritage and so changed the f to h is an instrument of two strips of leather or other material to throw stones with different purpose and is also a feminine adjective meaning profound. Wave comes from unda, undae meaning wave, wave, ripple, vibration, so that in Spanish.