Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0748%/8h= −81.9% APRpaid last 24h −0.162%

Price spread now: Gate against Lighter−0.198%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.198%, 7d avg −0.111%

Together, before fees−0.153%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Gate is 0.088% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.257% in total (about -13.4% 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	0.4440	0.0848	pay 0.0106% / 1h	16m 28s	$1.4M	$2.1M	10x
Short	Gate ONDO_USDT	0.4431	0.0100	get 0.0050% / 4h	1h 16m	$11.7M	$16.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.198%Rate

Funding earned: −$157.08
Price spread: −0.198% → −0.111%: −$8.77
Slippage, 4 orders: −$33.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$214.45
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Gate: 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	5.62 bp	8.9 bp −$9	21.0 bp −$210	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.13 bp	14.3 bp −$14	30.9 bp −$309	44.2 bp −$4,415	73.3 bp −$36.6K

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
dYdX ONDO-USD	+0.0001%	1h	0.4430	−0.218%	$251K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4430	−0.209%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+2.888%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4433	−0.162%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4429	−0.243%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4432	−0.164%	$374K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4433	−0.154%	$64.3M	$225.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4429	−0.243%	$70.2M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4431	−0.198%	$17.2M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4435	−0.115%	$73K	$88K	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	0.4430	−0.228%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4431	−0.198%	$11.7M	$16.2M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4431	−0.198%	$47.2M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4431	−0.198%	$13.0M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4432	−0.176%	$25.3M	$39.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4432	−0.176%	—	$761K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4441	+0.020%	$720K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4438	−0.034%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4439	−0.027%	$415K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4443	+0.072%	$137K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4434	−0.137%	$68K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4437	−0.063%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4434	−0.131%	$461	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4443	+0.072%	$131K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4434	−0.131%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4431	−0.207%	$400K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4431	−0.191%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4432	−0.184%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0151%	1h	0.4434	−0.137%	$38.4M	$24.2M	10x	as long as short
Aster ONDOUSDT	+0.0187%	4h	0.4435	−0.110%	$713K	$2.3M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0209%	1h	0.4435	−0.119%	$192K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4440	+0.007%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4435	−0.108%	$3.1M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4435	−0.119%	$365	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4432	−0.176%	$281K	$727K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0427%	1h	0.4434	−0.131%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0190%	1h	0.4430	−0.216%	$489K	—	100x	as long as short
Lighter ONDOlong	+0.0848%	1h	0.4440	long leg	$1.4M	$2.1M	10x
Reya ONDORUSDPERP	+0.1150%	1h	0.4433	−0.160%	$2K	—	20x	as long as short