Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.081%

Price spread now: BloFin against Lighter−0.177%60s7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.328% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$23 on $10k

Price spread, last 3 days (all we have)+0.195%+$19 · spread now −0.177%, 7d avg −0.070%

Together, before fees+0.420%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.107% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.070%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.225%, so the current rate has only just turned against you. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4588	0.0392	pay 0.0049% / 1h	57m 53s	$1.5M	$2.2M	10x
Short	BloFin ONDO-USDT	0.4580	0.0340	get 0.0170% / 4h	3h 57m	$3.3M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$10.92
Price spread: −0.177% → −0.070%: −$10.68
Slippage, 4 orders: −$20.84
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$54.44
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; BloFin: live order book, 10 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, 9 min ago	4.80 bp	10.2 bp −$10	27.6 bp −$276	doesn't fit	doesn't fit
Sell BloFin live order book, 10 min ago	1.09 bp	7.1 bp −$7	9.9 bp −$99	34.9 bp −$3,491	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	−0.0873%	1h	0.4577	−0.249%	$2.8M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0388%	4h	0.4577	−0.242%	$12.0M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4572	−0.357%	$259K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4578	−0.220%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4578	−0.215%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.438%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4576	−0.264%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4572	−0.362%	$441K	$706K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4585	−0.065%	$40.6M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4581	−0.152%	$725K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4580	−0.187%	$68.5M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4569	−0.416%	$74.0M	$120.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4568	−0.438%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4586	−0.041%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4575	−0.289%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4579	−0.198%	$49.1M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4579	−0.198%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4580	−0.177%	$25.9M	$40.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4574	−0.307%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4582	−0.135%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.310%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4577	−0.251%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4581	−0.156%	$423K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4577	−0.242%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	−0.248%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4577	−0.242%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4577	−0.242%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4586	−0.046%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	−0.198%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4573	−0.327%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4578	−0.217%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4580	−0.168%	$45K	$8K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4577	−0.231%	$377	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	−0.070%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	−0.155%	$297K	$844K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4580	−0.177%	$3.3M	$3.3M	75x
Lighter ONDOlong	+0.0392%	1h	0.4588	long leg	$1.5M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0188%	1h	0.4578	−0.217%	$546K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4574	−0.317%	$2K	—	20x	as long as short