Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.130%

Price spread now: Lighter against Bybit+0.146%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.284%+$28 on $10k

Price spread, last 7 days−0.271%−$27 · spread now +0.146%, 7d avg +0.107%

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 0.039% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.107%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ONDOUSDT	0.4322	0.0100	pay 0.0050% / 4h	0m 05s	$68.1M	$122.1M	50x
Short	Lighter ONDO	0.4328	0.0096	get 0.0012% / 1h	0m 05s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.146%Rate

Funding earned: −$0.84
Price spread: +0.146% → +0.107%: $3.88
Slippage, 4 orders: −$17.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.85
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.16 bp	8.9 bp −$9	13.6 bp −$136	48.4 bp −$4,837	doesn't fit
Sell Lighter live order book, 2 min ago	5.08 bp	7.2 bp −$7	30.1 bp −$301	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	−0.0176%	1h	0.4323	+0.022%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4322	+0.001%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.692%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4328	+0.146%	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4320	−0.035%	$345K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4324	+0.046%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4324	+0.046%	$63.1M	$234.3M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4322	long leg	$68.1M	$122.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4322	0.000%	$17.3M	$71.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4318	−0.104%	$71K	$80K	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	0.4322	+0.010%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4323	+0.023%	$13.1M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4323	+0.023%	$44.1M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4322	0.000%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4323	+0.023%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4325	+0.069%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4326	+0.088%	$176K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.044%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	−0.027%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	+0.044%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4317	−0.116%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4323	+0.012%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4324	+0.046%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4323	+0.023%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4331	+0.208%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4323	+0.023%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4322	+0.008%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4322	+0.005%	$364K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4325	+0.081%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4325	+0.069%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4326	+0.090%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4325	+0.069%	$214K	$733K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4324	+0.053%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	−0.046%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0436%	1h	0.4330	+0.176%	$36.6M	$27.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4321	−0.021%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4322	−0.003%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1720%	1h	0.4323	+0.026%	$243K	$155K	5x	as long as short