Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.111%

Price spread now: OKX against Lighter−0.126%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.247%−$25 on $10k

Price spread, last 7 days+0.089%+$9 · spread now −0.126%, 7d avg −0.104%

Together, before fees−0.158%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.022% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.104%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4280	0.0096	pay 0.0012% / 1h	30m 19s	$1.1M	$2.3M	10x
Short	OKX ONDO-USDT-SWAP	0.4275	0.0100	get 0.0050% / 4h	1h 30m	$16.8M	$67.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.126%Rate

Funding earned: $0.84
Price spread: −0.126% → −0.104%: −$2.22
Slippage, 4 orders: −$25.74
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$37.12
Costs to cover: 0.357%
Break-even: 316.3 days

Slippage from Lighter: live order book, 10 min ago; OKX: 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, 10 min ago	4.18 bp	8.5 bp −$8	34.5 bp −$345	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.17 bp	7.6 bp −$8	19.9 bp −$199	84.7 bp −$8,471	doesn't fit

ONDO on 39 exchanges

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	−0.0329%	1h	0.4277	−0.091%	$2.5M	$7.0M	50x	as long as short
01 Exchange ONDOUSD	−0.0016%	1h	0.4276	−0.105%	$352	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4279	−0.033%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4276	−0.111%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.719%	$888	$215K	5.5x	as long as short
Bybit ONDOUSDT	+0.0045%	4h	0.4277	−0.079%	$66.3M	$116.5M	50x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4280	long leg	$1.1M	$2.3M	10x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4276	−0.103%	$23K	$7K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4281	+0.023%	$35.7M	$26.9M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4281	+0.021%	$759K	$2.9M	20x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4276	−0.093%	$61.7M	$222.4M	75x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4275	−0.126%	$16.8M	$67.3M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4269	−0.264%	$68K	$74K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4275	−0.115%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4280	−0.009%	$13.8M	$13.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4280	−0.009%	$43.1M	$41.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4277	−0.079%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4278	−0.056%	$24.7M	$33.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4278	−0.056%	—	$23.8M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4274	−0.143%	$181K	$984K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4270	−0.231%	$666K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4268	−0.282%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4273	−0.174%	$398K	$2.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4281	+0.014%	$86K	$353K	50x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4278	−0.062%	$330K	$833K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4281	+0.005%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4276	−0.103%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4277	−0.079%	$445	$16K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4276	−0.103%	$105K	$462K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4277	−0.079%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4275	−0.121%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4275	−0.129%	$346K	$769K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4279	−0.044%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0174% / S +0.0228%	1h	0.4279	−0.022%	$348K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4275	−0.114%	$34K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4277	−0.079%	$211K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4274	−0.150%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1167%	1h	0.4275	−0.134%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3844%	1h	0.4274	−0.145%	$245K	$159K	5x	as long as short