Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0556%/8h= −60.9% APRpaid last 24h −0.154%

Price spread now: Orderly against Lighter−0.185%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Orderly is 0.185% cheaper against Lighter than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4607	0.0656	pay 0.0082% / 1h	11m 12s	$1.5M	$2.3M	10x
Short	Orderly PERP_ONDO_USDC	0.4598	0.0100	get 0.0050% / 4h	3h 11m	$25K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.185%Rate

Funding earned: −$116.86
Price spread: −0.185% → 0.000%: −$18.45
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$141.31
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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, 6 min ago	6.49 bp	11.5 bp −$12	26.0 bp −$260	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0869%	1h	0.4599	−0.171%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	+0.010%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4598	−0.184%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.836%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4598	−0.185%	$25K	$6K	10x
Nado ONDO-PERP	+0.0100%	1h	0.4604	−0.049%	$432K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4598	−0.183%	$68.8M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4597	−0.206%	$74.0M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4596	−0.228%	$17.6M	$77.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.406%	$73K	$92K	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	0.4605	−0.032%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4600	−0.141%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4598	−0.185%	$49.7M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4600	−0.141%	$14.3M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4599	−0.163%	$26.1M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4597	−0.206%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4599	−0.168%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.192%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.155%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.206%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4611	+0.096%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4599	−0.163%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4599	−0.163%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4608	+0.033%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4598	−0.185%	$4.5M	$7.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	+0.028%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4598	−0.191%	$417K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	−0.098%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0105%	4h	0.4604	−0.052%	$726K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0118%	1h	0.4598	−0.189%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4600	−0.141%	$34K	$342K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4613	+0.141%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4610	+0.078%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4597	−0.206%	$299K	$817K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4603	−0.076%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0364%	1h	0.4611	+0.087%	$41.0M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0592% / S −0.0188%	1h	0.4597	−0.199%	$549K	—	100x	as long as short
Lighter ONDOlong	+0.0656%	1h	0.4607	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1146%	1h	0.4605	−0.038%	$2K	—	20x	as long as short