Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.123%

Price spread now: BingX against Lighter−0.041%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1341.342% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)−0.261%−$26 · spread now −0.041%, 7d avg −0.116%

Together, before fees−0.484%+ Points / potential airdropLighter: Season 3 · farm board−$48 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.075% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4356	0.0096	pay 0.0012% / 1h	22m 43s	$1.1M	$2.4M	10x
Short	BingX ONDO-USDC	0.4354	0.0100	get 0.0050% / 4h	3h 22m	—	$779K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0.84
Price spread: −0.041% → −0.116%: $7.5
Slippage, 4 orders: −$124.16
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$125.83
Costs to cover: 1.342%
Break-even: 1055.6 days

Slippage from Lighter: live order book, 4 min ago; BingX: live order book, 21 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, 4 min ago	3.83 bp	4.0 bp −$4	34.5 bp −$345	doesn't fit	doesn't fit
Sell BingX live order book, 21 min ago	2.31 bp	53.9 bp −$54	107.4 bp −$1,074	717.6 bp −$71.8K	996.2 bp −$498.1K

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	−0.0176%	1h	0.4350	−0.135%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4346	−0.225%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.872%	$888	$216K	5.5x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4356	long leg	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4343	−0.288%	$343K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4357	+0.026%	$766K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4355	−0.030%	$63.5M	$232.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4352	−0.087%	$68.0M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	−0.064%	$17.4M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−1.077%	$71K	$79K	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	0.4354	−0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4353	−0.064%	$13.4M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4353	−0.064%	$43.7M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	−0.110%	$12.2M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4355	−0.018%	$25.2M	$36.3M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4354	−0.041%	—	$779K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4351	−0.112%	$181K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4300	−1.289%	$676K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.992%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	−0.960%	$400K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−1.051%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4341	−0.328%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4348	−0.179%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	−0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4351	−0.110%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4357	+0.028%	$129K	$368K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4349	−0.156%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4354	−0.044%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4354	−0.033%	$361K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4352	−0.090%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0210%	1h	0.4351	−0.110%	$28K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	−0.363%	$214K	$717K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4344	−0.266%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4330	−0.595%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4348	−0.179%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0481%	1h	0.4355	−0.018%	$36.5M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0583% / S −0.0208%	1h	0.4348	−0.174%	$503K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1163%	1h	0.4344	−0.266%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3436%	1h	0.4351	−0.118%	$249K	$159K	5x	as long as short