Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0748%/8h= +81.9% APRpaid last 24h +0.160%

Price spread now: Lighter against KuCoin+0.179%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on KuCoin 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 7 days−0.065%−$6 · spread now +0.179%, 7d avg +0.065%

Together, before fees+0.139%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Lighter is 0.115% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.065%.

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	KuCoin ONDOUSDTM	0.4412	0.0100	pay 0.0050% / 4h	1h 13m	$12.9M	$10.8M	50x
Short	Lighter ONDO	0.4420	0.0848	get 0.0106% / 1h	13m 10s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.179%Rate

Funding earned: $157.08
Price spread: +0.179% → +0.065%: $11.45
Slippage, 4 orders: −$37.35
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $119.19
Costs to cover: 0.493%
Break-even: 1.7 days

Slippage from KuCoin: live order book, 5 min ago; Lighter: live order book, 4 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 KuCoin live order book, 5 min ago	1.13 bp	20.5 bp −$21	51.7 bp −$517	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	5.18 bp	8.7 bp −$9	28.4 bp −$284	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
dYdX ONDO-USD	+0.0001%	1h	0.4418	+0.139%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	+0.050%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.536%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4410	−0.035%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4411	−0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4419	+0.153%	$373K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4409	−0.078%	$64.1M	$225.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4408	−0.091%	$69.9M	$122.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4410	−0.045%	$17.1M	$71.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4426	+0.311%	$73K	$86K	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	0.4417	+0.119%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4415	+0.068%	$11.7M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4409	−0.068%	$47.6M	$41.7M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4412	long leg	$12.9M	$10.8M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4408	−0.091%	$25.2M	$39.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4416	+0.091%	—	$21.8M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4430	+0.400%	$718K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4435	+0.521%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4435	+0.531%	$414K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4436	+0.544%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4420	+0.170%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4419	+0.159%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4412	0.000%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4420	+0.181%	$130K	$474K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4409	−0.068%	$4.2M	$7.7M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4411	−0.014%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4414	+0.045%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4418	+0.131%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0143%	1h	0.4421	+0.204%	$38.3M	$24.3M	10x	as long as short
Aster ONDOUSDT	+0.0186%	4h	0.4417	+0.124%	$711K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0189%	1h	0.4409	−0.070%	$191K	$979K	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0203%	1h	0.4413	+0.023%	$23K	$349K	25x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4427	+0.331%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4414	+0.045%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4420	+0.186%	$364	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.227%	$281K	$727K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4413	+0.020%	$487K	—	100x	as long as short
Lighter ONDOshort	+0.0848%	1h	0.4420	+0.179%	$1.4M	$2.1M	10x
Reya ONDORUSDPERP	+0.1150%	1h	0.4417	+0.106%	$2K	—	20x	as long as short