ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0272%/8h= +29.7% APRnext payment +$0.34 per $10,000 · paid last 24h +0.057%

Price spread now: Lighter against Hyperliquid+0.051%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

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

costs, in and out, $10k−$310.305% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.051%, 7d avg −0.001%

Together, before fees−0.260%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.052% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.001%. Mind the row above: over the last 7 days funding on this pair cost −0.121%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 per $10,000. 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	Hyperliquid ONDO	0.4520	0.0280	pay 0.0035% / 1h	14m 23s	$40.4M	$27.8M	10x
Short	Lighter ONDO	0.4523	0.0552	get 0.0069% / 1h	14m 23s	$1.4M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Hyperliquid. 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 HyperliquidbpFee LighterbpOrdersPrice spread, now +0.051%Rate

Funding earned: $57.04
Price spread: +0.051% → −0.001%: $5.21
Slippage, 4 orders: −$21.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $31.72
Costs to cover: 0.305%
Break-even: 3.1 days

Slippage from Hyperliquid: live order book, 9 min ago; Lighter: live order book, 7 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 Hyperliquid live order book, 9 min ago	0.44 bp	5.0 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	4.18 bp	4.2 bp −$4	21.6 bp −$216	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	−0.1127%	1h	0.4511	−0.213%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4518	−0.053%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4515	−0.110%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4528	+0.177%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	+0.035%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4514	−0.142%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4515	−0.125%	$422K	$680K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4518	−0.062%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4515	−0.119%	$66.6M	$220.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4515	−0.119%	$73.2M	$118.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4515	−0.119%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4528	+0.166%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4515	−0.114%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4513	−0.164%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4514	−0.142%	$47.5M	$45.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4514	−0.142%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4514	−0.142%	$25.5M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4515	−0.119%	—	$22.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4520	−0.020%	$193K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4521	+0.020%	$794K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4532	+0.267%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4528	+0.169%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4533	+0.279%	$160K	$332K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4516	−0.102%	$99K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4519	−0.031%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4516	−0.097%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4525	+0.102%	$130K	$520K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4517	−0.075%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4514	−0.138%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4514	−0.145%	$403K	$979K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4516	−0.088%	$36K	—	3x	as long as short
Hyperliquid ONDOlong	+0.0280%	1h	0.4520	long leg	$40.4M	$27.8M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	+0.411%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4519	−0.031%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4518	−0.044%	$372	$2K	10x	as long as short
Lighter ONDOshort	+0.0552%	1h	0.4523	+0.051%	$1.4M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0191%	1h	0.4514	−0.144%	$543K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4515	−0.126%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9276%	1h	0.4519	−0.037%	$256K	$129K	5x	as long as short