Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.152%

Price spread now: Aster against Lighter−0.056%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.056%, 7d avg −0.050%

Together, before fees−0.152%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.050%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.167% in total (about -8.7% 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	Lighter ONDO	0.4528	0.0480	pay 0.0060% / 1h	38m 29s	$1.4M	$2.2M	10x
Short	Aster ONDOUSDT	0.4526	0.0100	get 0.0050% / 4h	2h 38m	$758K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$79.8
Price spread: −0.056% → −0.050%: −$0.66
Slippage, 4 orders: −$28.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$117.03
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Aster: 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 Lighter live order book, 3 min ago	4.31 bp	14.8 bp −$15	29.7 bp −$297	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	1.11 bp	8.1 bp −$8	37.0 bp −$370	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	−0.1126%	1h	0.4518	−0.218%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4518	−0.223%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4529	+0.011%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	−0.095%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.476%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4530	+0.042%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4523	−0.107%	$427K	$674K	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4526	−0.056%	$758K	$2.0M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4528	−0.001%	$66.6M	$219.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4531	+0.064%	$73.5M	$117.7M	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	0.4530	+0.042%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.329%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4524	−0.088%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4524	−0.091%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4524	−0.091%	$47.7M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4523	−0.113%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4524	−0.091%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4530	+0.042%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4517	−0.236%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.189%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4522	−0.135%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	−0.114%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	−0.157%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4525	−0.068%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.289%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4517	−0.245%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4520	−0.179%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4516	−0.267%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	−0.124%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4530	+0.042%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4533	+0.103%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0124%	1h	0.4528	+0.007%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.042%	$304K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4515	−0.289%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4528	0.000%	$373	$2K	10x	as long as short
Lighter ONDOlong	+0.0480%	1h	0.4528	long leg	$1.4M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4528	+0.001%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4524	−0.083%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0556%	1h	0.4519	−0.207%	$256K	$123K	5x	as long as short