Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.116%

Price spread now: Lighter against Binance+0.180%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

Price spread, last 7 days−0.281%−$28 · spread now +0.180%, 7d avg +0.078%

Together, before fees−0.013%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.102% dearer against Binance than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4331	0.0100	pay 0.0050% / 4h	1h 57m	$63.2M	$222.4M	75x
Short	Lighter ONDO	0.4339	0.0096	get 0.0012% / 1h	57m 37s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.180%Rate

Funding earned: −$0.84
Price spread: +0.180% → +0.078%: $10.18
Slippage, 4 orders: −$22.91
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$23.56
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Lighter: live order book, 2 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 Binance live order book, 9 min ago	1.15 bp	8.2 bp −$8	14.3 bp −$143	59.9 bp −$5,990	doesn't fit
Sell Lighter live order book, 2 min ago	5.64 bp	8.1 bp −$8	33.3 bp −$333	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0324%	1h	0.4333	+0.052%	$2.6M	$7.3M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4334	+0.069%	$21K	$368K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4334	+0.060%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.472%	$888	$215K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4339	+0.180%	$1.1M	$2.3M	10x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4333	+0.046%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4334	+0.069%	$338K	$821K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4334	+0.069%	$772K	$2.9M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4331	long leg	$63.2M	$222.4M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4330	−0.023%	$67.9M	$116.9M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	+0.023%	$17.3M	$67.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4329	−0.048%	$71K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4334	+0.073%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4332	+0.023%	$13.8M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4332	+0.023%	$46.2M	$39.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4333	+0.046%	$13.1M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4333	+0.046%	$25.3M	$33.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4333	+0.046%	—	$783K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4336	+0.111%	$180K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	−0.150%	$799K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4329	−0.037%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4337	+0.132%	$404K	$1.9M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4336	+0.115%	$134K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4336	+0.115%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4334	+0.069%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	+0.092%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.300%	$106K	$478K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4335	+0.092%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4332	+0.017%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4331	+0.002%	$355K	$779K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	+0.115%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0192%	1h	0.4332	+0.021%	$357	$2K	10x	as long as short
Phoenix ONDO	+0.0219%	1h	0.4334	+0.060%	$35K	$207K	10x	as long as short
Hyperliquid ONDO	+0.0273%	1h	0.4338	+0.157%	$36.6M	$26.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4353	+0.508%	$214K	$619K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4336	+0.115%	$3.2M	$2.9M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4335	+0.081%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4333	+0.043%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4243%	1h	0.4336	+0.116%	$248K	$159K	5x	as long as short