Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0900%/8h= −98.5% APRpaid last 24h −0.173%

Price spread now: GRVT against Lighter−0.130%7-day average −0.087% · 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−$58as in the Price arb table

costs, in and out, $10k−$530.535% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.203%−$20 on $10k

Price spread, last 3 days (all we have)+0.263%+$26 · spread now −0.130%, 7d avg −0.087%

Together, before fees+0.060%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and GRVT is 0.043% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.203% in total (about -10.6% 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	0.4601	0.1000	pay 0.0125% / 1h	52m 49s	$1.5M	$2.3M	10x
Short	GRVT ONDO_USDT_Perp	0.4595	0.0100	get 0.0050% / 4h	52m 49s	$424K	$947K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$189
Price spread: −0.130% → −0.087%: −$4.28
Slippage, 4 orders: −$44.46
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$246.74
Costs to cover: 0.535%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; GRVT: live order book, 25 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	3.27 bp	14.3 bp −$14	32.2 bp −$322	doesn't fit	doesn't fit
Sell GRVT live order book, 25 min ago	7.60 bp	18.8 bp −$19	39.7 bp −$397	doesn't fit	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	−0.0794%	1h	0.4591	−0.219%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.719%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4590	−0.235%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4590	−0.241%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4595	−0.133%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4593	−0.176%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4593	−0.179%	$68.5M	$227.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4591	−0.220%	$74.5M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4591	−0.220%	$17.9M	$81.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4591	−0.215%	$75K	$89K	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	0.4594	−0.163%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4589	−0.263%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4592	−0.198%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4590	−0.241%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4592	−0.198%	$26.0M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4591	−0.220%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4601	−0.005%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.048%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4595	−0.130%	$424K	$947K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4590	−0.241%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4597	−0.078%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4596	−0.111%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	−0.220%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4608	+0.150%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4591	−0.220%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4592	−0.188%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4592	−0.206%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4595	−0.140%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4593	−0.183%	$38K	$257K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0253%	1h	0.4593	−0.165%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	−0.046%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	−0.198%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0366%	1h	0.4596	−0.111%	$40.7M	$26.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4592	−0.198%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0512%	1h	0.4598	−0.063%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0588% / S −0.0188%	1h	0.4590	−0.238%	$548K	—	100x	as long as short
Lighter ONDOlong	+0.1000%	1h	0.4601	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1142%	1h	0.4594	−0.147%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6487%	1h	0.4590	−0.232%	$260K	$129K	5x	as long as short