Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0900%/8h= +98.5% APRpaid last 24h +0.173%

Price spread now: Lighter against GRVT+0.130%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$530.535% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 3 days (all we have)−0.263%−$26 · spread now +0.130%, 7d avg +0.087%

Together, before fees−0.060%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Lighter is 0.043% dearer against GRVT than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.087%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% 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	GRVT ONDO_USDT_Perp	0.4595	0.0100	pay 0.0050% / 4h	53m 06s	$424K	$947K	10x
Short	Lighter ONDO	0.4601	0.1000	get 0.0125% / 1h	53m 06s	$1.5M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.130%Rate

Funding earned: $189
Price spread: +0.130% → +0.087%: $4.3
Slippage, 4 orders: −$44.46
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $139.83
Costs to cover: 0.535%
Break-even: 1.8 days

Slippage from GRVT: live order book, 25 min ago; Lighter: live order book, 9 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 GRVT live order book, 25 min ago	7.60 bp	16.9 bp −$17	36.1 bp −$361	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	3.27 bp	3.5 bp −$3	25.0 bp −$250	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	−0.0794%	1h	0.4591	−0.090%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.590%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4590	−0.106%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4590	−0.112%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4595	−0.003%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4595	−0.009%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4591	−0.090%	$68.5M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4589	−0.133%	$74.5M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4590	−0.112%	$17.9M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4591	−0.086%	$75K	$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	0.4594	−0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4588	−0.155%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4592	−0.068%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4591	−0.090%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4592	−0.068%	$26.0M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4591	−0.090%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4601	+0.125%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.177%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perplong	+0.0100%	4h	0.4595	long leg	$424K	$947K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4590	−0.112%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4597	+0.052%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4596	+0.019%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	−0.090%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4608	+0.280%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4591	−0.090%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4592	−0.058%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4591	−0.098%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4595	−0.010%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4593	−0.053%	$38K	$257K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0253%	1h	0.4593	−0.035%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.084%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	−0.068%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0366%	1h	0.4596	+0.019%	$40.7M	$26.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4592	−0.068%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0512%	1h	0.4598	+0.067%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4590	−0.109%	$548K	—	100x	as long as short
Lighter ONDOshort	+0.1000%	1h	0.4601	+0.130%	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1142%	1h	0.4594	−0.017%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6487%	1h	0.4590	−0.103%	$260K	$129K	5x	as long as short