ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0376%/8h= −41.1% APRnext payment −$0.47 per $10,000 · paid last 24h −0.057%

Price spread now: Hyperliquid against Lighter−0.051%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.051%, 7d avg +0.001%

Together, before fees+0.260%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Hyperliquid is 0.052% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.121%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 per $10,000. 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	0.4530	0.0480	pay 0.0060% / 1h	40m 00s	$1.4M	$2.2M	10x
Short	Hyperliquid ONDO	0.4528	0.0104	get 0.0013% / 1h	40m 00s	$40.7M	$27.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$78.91
Price spread: −0.051% → +0.001%: −$5.2
Slippage, 4 orders: −$27.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$120.24
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; Hyperliquid: live order book, 3 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, 2 min ago	4.31 bp	14.8 bp −$15	29.7 bp −$297	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.33 bp	9.1 bp −$9	doesn't fit	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	−0.1124%	1h	0.4523	−0.152%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4523	−0.159%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4522	−0.190%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4503	−0.605%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.521%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4521	−0.203%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4521	−0.192%	$431K	$672K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4524	−0.137%	$758K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4522	−0.181%	$66.5M	$219.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4522	−0.181%	$73.4M	$117.7M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4520	−0.225%	$17.7M	$79.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4510	−0.453%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4520	−0.216%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4522	−0.181%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4521	−0.203%	$47.7M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4521	−0.203%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4521	−0.203%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4523	−0.159%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4525	−0.115%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	−0.236%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4507	−0.513%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4521	−0.193%	$425K	$929K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4507	−0.512%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4523	−0.152%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4520	−0.225%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4521	−0.203%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	+0.018%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4521	−0.203%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4521	−0.197%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4519	−0.247%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4524	−0.137%	$36K	—	3x	as long as short
Hyperliquid ONDOshort	+0.0104%	1h	0.4528	−0.051%	$40.7M	$27.5M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	−0.004%	$304K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4524	−0.137%	$3.3M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0440%	1h	0.4524	−0.132%	$372	$2K	10x	as long as short
Lighter ONDOlong	+0.0480%	1h	0.4530	long leg	$1.4M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	−0.205%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4523	−0.156%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0488%	1h	0.4520	−0.228%	$256K	$117K	5x	as long as short