Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0540%/8h= −59.1% APRpaid last 24h −0.153%

Price spread now: Bybit against Lighter−0.156%7-day average −0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

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

costs, in and out, $10k−$350.351% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.259%−$26 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.156%, 7d avg −0.141%

Together, before fees−0.212%+ Points / potential airdropLighter: Season 3 · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.141%, so right now this pair is about funding alone: −$16 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 -0.259% in total (about -13.5% 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	0.4611	0.0640	pay 0.0080% / 1h	16m 57s	$1.5M	$2.3M	10x
Short	Bybit ONDOUSDT	0.4604	0.0100	get 0.0050% / 4h	3h 16m	$74.3M	$119.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$113.4
Price spread: −0.156% → −0.141%: −$1.55
Slippage, 4 orders: −$24.1
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$150.04
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 2 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, 5 min ago	5.31 bp	11.6 bp −$12	33.5 bp −$335	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.09 bp	7.1 bp −$7	14.0 bp −$140	50.0 bp −$5,000	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	−0.0868%	1h	0.4601	−0.211%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4600	−0.237%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4599	−0.264%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.937%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4599	−0.265%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4605	−0.129%	$432K	$709K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4606	−0.110%	$735K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4607	−0.091%	$69.1M	$221.7M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4604	−0.156%	$74.3M	$119.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4604	−0.156%	$17.7M	$78.2M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4593	−0.386%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4605	−0.140%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4605	−0.134%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4607	−0.091%	$49.7M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4608	−0.069%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4607	−0.091%	$26.1M	$38.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4606	−0.113%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4607	−0.095%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4605	−0.140%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4606	−0.120%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4603	−0.178%	$432K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	−0.156%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4608	−0.065%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4607	−0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	−0.200%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4611	−0.004%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4600	−0.243%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4605	−0.126%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4606	−0.107%	$417K	$826K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	−0.200%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4602	−0.200%	$34K	$346K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.499%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4608	−0.072%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4617	+0.126%	$299K	$819K	50x	as long as short
Hyperliquid ONDO	+0.0340%	1h	0.4612	+0.007%	$41.0M	$25.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	−0.200%	$3.3M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4599	−0.262%	$549K	—	100x	as long as short
Lighter ONDOlong	+0.0640%	1h	0.4611	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1146%	1h	0.4604	−0.150%	$2K	—	20x	as long as short