Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.153%

Price spread now: Binance against Lighter−0.148%7-day average −0.088% · 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−$35as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.148%, 7d avg −0.088%

Together, before fees−0.127%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Binance is 0.060% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.241% in total (about -12.5% 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	0.4580	0.0664	pay 0.0083% / 1h	5m 29s	$1.5M	$2.3M	10x
Short	Binance ONDOUSDT	0.4574	0.0100	get 0.0050% / 4h	5m 29s	$68.4M	$226.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.148%Rate

Funding earned: −$118.44
Price spread: −0.148% → −0.088%: −$5.99
Slippage, 4 orders: −$19.02
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$153.45
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Binance: live order book, 8 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, 6 min ago	5.25 bp	7.8 bp −$8	24.1 bp −$241	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	1.10 bp	7.5 bp −$8	12.8 bp −$128	47.8 bp −$4,777	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	−0.0798%	1h	0.4572	−0.192%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.269%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4571	−0.203%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4572	−0.176%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	−0.269%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4571	−0.198%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4579	−0.031%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	−0.101%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4574	−0.148%	$68.4M	$226.0M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4574	−0.138%	$74.1M	$120.6M	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	0.4574	−0.138%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4572	−0.190%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4573	−0.154%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4569	−0.247%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4573	−0.159%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4574	−0.138%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4575	−0.116%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4572	−0.181%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4574	−0.146%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.271%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4571	−0.210%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4566	−0.316%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4574	−0.138%	$173K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	−0.070%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4566	−0.312%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4572	−0.181%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	−0.050%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4572	−0.181%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4573	−0.167%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4572	−0.190%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4572	−0.181%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.074%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4576	−0.096%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	−0.094%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4569	−0.247%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4569	−0.248%	$545K	—	100x	as long as short
Lighter ONDOlong	+0.0664%	1h	0.4580	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1144%	1h	0.4575	−0.125%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2563%	1h	0.4570	−0.218%	$259K	$132K	5x	as long as short