Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.153%

Price spread now: Lighter against edgeX+0.086%79s7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.378% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now +0.086%, 7d avg +0.103%

Together, before fees+0.161%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$16 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: +$17 a day on $10k at the current rate. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.248% in total (about 12.9% 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	edgeX ONDOUSDC	0.4615	0.0100	pay 0.0050% / 4h	3h 12m	$5K	$321K	20x
Short	Lighter ONDO	0.4619	0.0680	get 0.0085% / 1h	12m 10s	$1.5M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.086%Rate

Funding earned: $121.8
Price spread: +0.086% → +0.103%: −$1.76
Slippage, 4 orders: −$28.79
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $82.25
Costs to cover: 0.378%
Break-even: 2.3 days

Slippage from edgeX: live order book, 61 min ago; Lighter: live order book, 5 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 edgeX live order book, 61 min ago	4.38 bp	9.6 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	6.49 bp	7.8 bp −$8	38.5 bp −$385	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	−0.0866%	1h	0.4613	−0.060%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	−0.175%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	−0.105%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−1.026%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4611	−0.094%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4612	−0.067%	$433K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4609	−0.129%	$69.0M	$221.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4609	−0.137%	$74.2M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4609	−0.137%	$17.7M	$78.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.214%	$73K	$92K	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	0.4609	−0.147%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4607	−0.181%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4609	−0.137%	$49.8M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4614	−0.029%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4609	−0.137%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4608	−0.159%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4608	−0.164%	$818K	$1.9M	—	as long as short
edgeX ONDOUSDClong	+0.0100%	4h	0.4615	long leg	$5K	$321K	20x
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4612	−0.064%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.014%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4617	+0.040%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4611	−0.094%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4613	−0.051%	$479	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4622	+0.144%	$136K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4609	−0.137%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4611	−0.087%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4611	−0.084%	$419K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	−0.011%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0107%	4h	0.4614	−0.029%	$728K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0120%	1h	0.4610	−0.122%	$232K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.588%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4614	−0.038%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4632	+0.361%	$300K	$821K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4618	+0.058%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4612	−0.062%	$41.0M	$25.1M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0400%	1h	0.4615	−0.007%	$34K	$342K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4611	−0.099%	$550K	—	100x	as long as short
Lighter ONDOshort	+0.0680%	1h	0.4619	+0.086%	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1146%	1h	0.4612	−0.067%	$2K	—	20x	as long as short