ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0708%/8h= +77.5% APRnext payment +$0.89 per $10,000 · paid last 24h +0.151%

Price spread now: Lighter against Backpack+0.106%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.106%, 7d avg +0.087%

Together, before fees+0.167%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.087%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.89 per $10,000. 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	Backpack ONDO_USDC_PERP	0.4548	0.0100	pay 0.0013% / 1h	32m 29s	$229K	$1.0M	15x
Short	Lighter ONDO	0.4553	0.0808	get 0.0101% / 1h	32m 29s	$1.5M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now +0.106%Rate

Funding earned: $148.68
Price spread: +0.106% → +0.087%: $1.82
Slippage, 4 orders: −$29.28
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $111.22
Costs to cover: 0.393%
Break-even: 1.8 days

Slippage from Backpack: live order book, 1 min ago; Lighter: live order book, 4 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 Backpack live order book, 1 min ago	0.11 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	3.95 bp	5.3 bp −$5	20.9 bp −$209	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	−0.0802%	1h	0.4547	−0.028%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.442%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4548	+0.008%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4548	+0.002%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4542	−0.119%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4548	−0.007%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4545	−0.070%	$68.0M	$228.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4543	−0.108%	$73.6M	$123.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4542	−0.130%	$17.6M	$80.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4548	+0.009%	$74K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4541	−0.151%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4541	−0.152%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4544	−0.086%	$48.8M	$43.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4546	−0.042%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4543	−0.108%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4544	−0.086%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERPlong	+0.0100%	1h	0.4548	long leg	$229K	$1.0M	15x
Variational Omni ONDO	+0.0100%	4h	0.4545	−0.064%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4551	+0.066%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4551	+0.068%	$420K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4551	+0.068%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4546	−0.035%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4543	−0.108%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4548	+0.002%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.222%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4549	+0.024%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4546	−0.043%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4542	−0.136%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4552	+0.090%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0190%	1h	0.4550	+0.046%	$36K	$436K	25x	as long as short
Hyperliquid ONDO	+0.0221%	1h	0.4549	+0.031%	$40.3M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4548	0.000%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4544	−0.086%	$297K	$843K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4551	+0.068%	$3.3M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4545	−0.073%	$374	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4549	+0.016%	$543K	—	100x	as long as short
Lighter ONDOshort	+0.0808%	1h	0.4553	+0.106%	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1143%	1h	0.4542	−0.132%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4230%	1h	0.4543	−0.101%	$257K	$132K	5x	as long as short