Funding you earn now, next payment 22:00 UTC−0.0380%/8h= −41.6% APRnext payment −$0.48 per $10,000 · paid last 24h −0.150%
Price spread now: Backpack against Lighter−0.060%7-day average −0.088% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$390.391% of the position
Funding, last 7 days−0.167%−$17 on $10k
+Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.060%, 7d avg −0.088%
=Together, before fees−0.318%+ Points / potential airdropLighter: Season 3 · farm board−$32 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.028% dearer against Lighter than usual: you sell high and buy low (spread −0.060% now, against its 7-day average of −0.088%): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.167% in total) that is about 29 hours.
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; at this rate the next one is about −$0.48 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 | Lighter ONDO | 0.4528 | 0.0480 | pay 0.0060% / 1h | 39m 27s | $1.4M | $2.2M | 10x |
| Short | Backpack ONDO_USDC_PERP | 0.4525 | 0.0100 | get 0.0013% / 1h | 39m 27s | $195K | $970K | 15x |
Lighter ONDO
Backpack ONDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$79.8
- Price spread: −0.060% → −0.088%
- $2.85
- Slippage, 4 orders
- −$29.1
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$116.05
- Costs to cover
- 0.391%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 2 min ago; Backpack: live order book, 49 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, 2 min ago | 4.31 bp | 14.8 bp −$15 | 29.7 bp −$297 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 49 min ago | 1.89 bp | 9.6 bp −$10 | doesn't fit | 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 | −0.1124% | 1h | 0.4523 | −0.096% | $3.0M | $7.7M | 50x | as long as short |
| Deribit ONDO_USDC-PERPETUAL | 0.0000% | 1h | 0.4523 | −0.104% | $29K | $354K | 25x | as long as short |
| gTrade (Gains Network) ONDO/USD | L +0.0003% / S −0.0008% | 1h | 0.4519 | −0.202% | $6K | — | 150x | as long as short |
| Phoenix ONDO | +0.0018% | 1h | 0.4524 | −0.086% | $29K | $222K | 10x | as long as short |
| Injective ONDO/USDC PERP | +0.0033% | 1h | 0.4416 | −2.467% | $994 | $82K | 5.5x | as long as short |
| Orderly PERP_ONDO_USDC | +0.0099% | 4h | 0.4521 | −0.148% | $25K | $8K | 10x | as long as short |
| Nado ONDO-PERP | +0.0100% | 1h | 0.4513 | −0.314% | $426K | $674K | 10x | as long as short |
| Aster ONDOUSDT | +0.0100% | 4h | 0.4520 | −0.181% | $757K | $2.0M | 20x | as long as short |
| Binance ONDOUSDT | +0.0100% | 4h | 0.4515 | −0.287% | $66.4M | $219.7M | 75x | as long as short |
| Bybit ONDOUSDT | +0.0100% | 4h | 0.4516 | −0.258% | $73.3M | $117.8M | 50x | as long as short |
Kraken Futures PF_ONDOUSD
Deribit ONDO_USDC-PERPETUAL
gTrade (Gains Network) ONDO/USD
Phoenix ONDO
Injective ONDO/USDC PERP
Orderly PERP_ONDO_USDC
Nado ONDO-PERP
Aster ONDOUSDT
Binance ONDOUSDT
Bybit ONDOUSDTShow all 39 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ONDO-USDT-SWAP | +0.0100% | 4h | 0.4516 | −0.258% | $17.7M | $79.7M | 50x | as long as short |
| Ondo Perps ONDO-USD.P | +0.0100% | 1h | 0.4513 | −0.320% | $72K | $85K | 10x | as long as short |
| RISEx ONDO/USDC | +0.0100% | 1h | 0.4512 | −0.340% | — | — | 5x | as long as short |
| Gate ONDO_USDT | +0.0100% | 4h | 0.4512 | −0.347% | $11.8M | $18.7M | 50x | as long as short |
| MEXC ONDO_USDT | +0.0100% | 4h | 0.4518 | −0.214% | $47.6M | $45.3M | 200x | as long as short |
| KuCoin ONDOUSDTM | +0.0100% | 4h | 0.4518 | −0.214% | $13.9M | $10.5M | 50x | as long as short |
| Bitget ONDOUSDT | +0.0100% | 4h | 0.4518 | −0.214% | $25.5M | $41.0M | 50x | as long as short |
| BingX ONDO-USDT | +0.0100% | 4h | 0.4511 | −0.369% | — | $22.8M | — | as long as short |
| Backpack ONDO_USDC_PERPshort | +0.0100% | 1h | 0.4525 | −0.060% | $195K | $970K | 15x | |
| Variational Omni ONDO | +0.0100% | 4h | 0.4520 | −0.181% | $797K | $2.0M | — | as long as short |
| edgeX ONDOUSDC | +0.0100% | 4h | 0.4522 | −0.126% | $5K | $317K | 20x | as long as short |
| GRVT ONDO_USDT_Perp | +0.0100% | 4h | 0.4523 | −0.105% | $417K | $936K | 10x | as long as short |
| ApeX Omni ONDOUSDT | +0.0100% | 1h | 0.4521 | −0.148% | $159K | $330K | 50x | as long as short |
| Polymarket Perps ONDO-USD | +0.0100% | 1h | 0.4519 | −0.197% | $80K | $1.0M | 10x | as long as short |
| SunX ONDO-USDT | +0.0100% | 4h | 0.4520 | −0.170% | — | $1.4M | 20x | as long as short |
| SoDEX ONDO-USD | +0.0100% | 1h | 0.4521 | −0.148% | $470 | $14K | 10x | as long as short |
| HTX ONDO-USDT | +0.0100% | 4h | 0.4531 | +0.073% | $126K | $512K | 50x | as long as short |
| Phemex ONDOUSDT | +0.0100% | 4h | 0.4521 | −0.148% | $4.8M | $6.2M | 50x | as long as short |
| Paradex ONDO-USD-PERP | +0.0100% | 8h | 0.4513 | −0.320% | $6K | $9 | 10x | as long as short |
| Extended ONDO-USD | +0.0104% | 1h | 0.4511 | −0.370% | $404K | $987K | 25x | as long as short |
| Aevo ONDO-PERP | +0.0104% | 1h | 0.4524 | −0.082% | $36K | — | 3x | as long as short |
| Hyperliquid ONDO | +0.0112% | 1h | 0.4524 | −0.082% | $40.7M | $27.5M | 10x | as long as short |
| Coinbase International ONDO-PERP-INTX | +0.0328% | 1h | 0.4530 | +0.051% | $304K | $842K | 50x | as long as short |
| BloFin ONDO-USDT | +0.0340% | 4h | 0.4524 | −0.082% | $3.3M | $3.0M | 75x | as long as short |
| 01 Exchange ONDOUSD | +0.0440% | 1h | 0.4516 | −0.250% | $372 | $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 | 0.4521 | −0.150% | $562K | — | 100x | as long as short |
| Reya ONDORUSDPERP | +0.1138% | 1h | 0.4519 | −0.181% | $2K | — | 20x | as long as short |
| dYdX ONDO-USD | +1.0514% | 1h | 0.4520 | −0.173% | $256K | $117K | 5x | as long as short |
OKX ONDO-USDT-SWAP
Ondo Perps ONDO-USD.P
RISEx ONDO/USDC
Gate ONDO_USDT
MEXC ONDO_USDT
KuCoin ONDOUSDTM
Bitget ONDOUSDT
BingX ONDO-USDT
Variational Omni ONDO
edgeX ONDOUSDC
GRVT ONDO_USDT_Perp
ApeX Omni ONDOUSDT
Polymarket Perps ONDO-USD
SunX ONDO-USDT
SoDEX ONDO-USD
HTX ONDO-USDT
Phemex ONDOUSDT
Paradex ONDO-USD-PERP
Extended ONDO-USD
Aevo ONDO-PERP
Hyperliquid ONDO
Coinbase International ONDO-PERP-INTX
BloFin ONDO-USDT
01 Exchange ONDOUSD
GMX ONDO/USD [ETH-USDC]
Reya ONDORUSDPERP
dYdX ONDO-USD