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 Bitget+0.093%7-day average +0.103% · 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−$45as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 4 days (all we have)+0.235%+$23 · spread now +0.093%, 7d avg +0.103%

Together, before fees+0.467%+ Points / potential airdropLighter: Season 3 · farm board+$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.103%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4508	0.0100	pay 0.0050% / 4h	2h 50m	$25.4M	$41.1M	50x
Short	Lighter ONDO	0.4512	0.0376	get 0.0047% / 1h	50m 24s	$1.4M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.093%Rate

Funding earned: $57.96
Price spread: +0.093% → +0.103%: −$1
Slippage, 4 orders: −$32.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $12.84
Costs to cover: 0.441%
Break-even: 5.4 days

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 1 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 Bitget live order book, 4 min ago	2.22 bp	11.1 bp −$11	19.8 bp −$198	97.8 bp −$9,775	doesn't fit
Sell Lighter live order book, 1 min ago	6.32 bp	6.3 bp −$6	18.9 bp −$189	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	0.4504	−0.091%	$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	0.4503	−0.111%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4507	−0.028%	$430K	$672K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4509	+0.031%	$40.6M	$27.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4507	−0.031%	$752K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4505	−0.072%	$66.3M	$220.2M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4502	−0.133%	$72.5M	$117.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4500	−0.177%	$17.7M	$79.5M	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	0.4505	−0.068%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4502	−0.133%	$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	0.4506	−0.044%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4508	long leg	$25.4M	$41.1M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4503	−0.111%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4506	−0.049%	$195K	$975K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4504	−0.099%	$798K	$2.0M	—	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	0.4508	−0.002%	$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	0.4504	−0.083%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4504	−0.086%	$402K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4506	−0.043%	$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	0.4512	+0.093%	$1.4M	$2.2M	10x
01 Exchange ONDOUSD	+0.0560%	1h	0.4509	+0.027%	$371	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0616% / S −0.0203%	1h	0.4503	−0.117%	$560K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4505	−0.065%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0423%	1h	0.4507	−0.028%	$255K	$117K	5x	as long as short