Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.152%

Price spread now: MEXC against Lighter−0.176%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.176%, 7d avg −0.106%

Together, before fees−0.278%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and MEXC is 0.070% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.106%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.227% in total (about -11.8% 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	0.4546	0.0544	pay 0.0068% / 1h	21m 38s	$1.4M	$2.2M	10x
Short	MEXC ONDO_USDT	0.4538	0.0100	get 0.0050% / 4h	2h 21m	$47.8M	$45.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.176%Rate

Funding earned: −$93.24
Price spread: −0.176% → −0.106%: −$6.96
Slippage, 4 orders: −$19.66
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$119.86
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; MEXC: 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	2.53 bp	14.9 bp −$15	30.4 bp −$304	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.11 bp	1.1 bp −$1	5.0 bp −$50	17.4 bp −$1,745	113.3 bp −$56.7K

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	−0.1122%	1h	0.4532	−0.311%	$2.9M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4538	−0.176%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4534	−0.254%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4529	−0.372%	$30K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.528%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4536	−0.220%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4530	−0.341%	$426K	$678K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4537	−0.197%	$767K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4538	−0.173%	$67.0M	$220.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4537	−0.198%	$73.6M	$118.1M	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	0.4538	−0.176%	$17.8M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4524	−0.477%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4539	−0.148%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4537	−0.198%	$11.8M	$18.8M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4538	−0.176%	$47.8M	$45.6M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.198%	$13.6M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4539	−0.154%	$25.7M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4539	−0.154%	—	$22.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4538	−0.178%	$194K	$971K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4536	−0.212%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4528	−0.394%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4529	−0.375%	$428K	$948K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4532	−0.308%	$160K	$331K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4535	−0.251%	$104K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4537	−0.198%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4537	−0.198%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4544	−0.044%	$128K	$515K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4536	−0.220%	$4.8M	$6.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4538	−0.180%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	−0.165%	$403K	$980K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4538	−0.173%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0254%	1h	0.4541	−0.121%	$40.6M	$27.8M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4539	−0.154%	$305K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4521	−0.550%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0400%	1h	0.4531	−0.323%	$373	$2K	10x	as long as short
Lighter ONDOlong	+0.0544%	1h	0.4546	long leg	$1.4M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0617% / S −0.0203%	1h	0.4534	−0.261%	$563K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1139%	1h	0.4535	−0.247%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9750%	1h	0.4535	−0.246%	$257K	$128K	5x	as long as short