Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.152%

Price spread now: Lighter against Aster+0.104%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.104%, 7d avg +0.050%

Together, before fees+0.049%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.054% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.167% in total (about 8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster ONDOUSDT	0.4508	0.0100	pay 0.0050% / 4h	2h 51m	$752K	$2.0M	20x
Short	Lighter ONDO	0.4513	0.0376	get 0.0047% / 1h	51m 13s	$1.4M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.104%Rate

Funding earned: $57.96
Price spread: +0.104% → +0.050%: $5.39
Slippage, 4 orders: −$28.14
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $27.21
Costs to cover: 0.361%
Break-even: 3.7 days

Slippage from Aster: live order book, 2 min ago; Lighter: live order book, 6 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 Aster live order book, 2 min ago	1.11 bp	10.4 bp −$10	44.7 bp −$447	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.20 bp	3.2 bp −$3	19.5 bp −$195	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	−0.1128%	1h	0.4507	−0.028%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4507	−0.022%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4506	−0.049%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4501	−0.149%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.041%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4505	−0.067%	$25K	$8K	10x	as long as short
Variational Omni ONDO	+0.0099%	4h	0.4527	+0.432%	$801K	$2.0M	—	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4506	−0.050%	$429K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4509	+0.020%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4508	long leg	$752K	$2.0M	20x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4506	−0.052%	$66.3M	$220.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4505	−0.067%	$72.6M	$117.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4503	−0.111%	$17.7M	$79.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4500	−0.173%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4502	−0.124%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4504	−0.089%	$11.8M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4506	−0.044%	$47.6M	$45.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4505	−0.067%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4506	−0.044%	$25.4M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4506	−0.044%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4504	−0.080%	$194K	$975K	15x	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4513	+0.107%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4531	+0.500%	$420K	$937K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4517	+0.200%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4507	−0.027%	$88K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4505	−0.067%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4504	−0.089%	$468	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4511	+0.067%	$125K	$511K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4505	−0.067%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4502	−0.142%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4505	−0.075%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4505	−0.074%	$35K	—	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4520	+0.266%	$304K	$839K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4502	−0.133%	$3.2M	$3.1M	75x	as long as short
Lighter ONDOshort	+0.0376%	1h	0.4513	+0.104%	$1.4M	$2.2M	10x
01 Exchange ONDOUSD	+0.0600%	1h	0.4506	−0.049%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4505	−0.056%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4506	−0.054%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0274%	1h	0.4507	−0.028%	$255K	$117K	5x	as long as short