Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.148%

Price spread now: Phemex against Lighter−0.136%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.408%−$41 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.136%, 7d avg −0.104%

Together, before fees−0.323%+ Points / potential airdropLighter: Season 3 · farm board−$32 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: Phemex is 0.032% cheaper against Lighter than usual: you would sell low and buy high, −$3 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	0.4342	0.0096	pay 0.0012% / 1h	15m 24s	$1.1M	$2.4M	10x
Short	Phemex ONDOUSDT	0.4336	0.0100	get 0.0050% / 4h	2h 15m	$4.2M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.136%Rate

Funding earned: $0.84
Price spread: −0.136% → −0.104%: −$3.22
Slippage, 4 orders: −$44.11
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$58.49
Costs to cover: 0.561%
Break-even: 494.4 days

Slippage from Lighter: live order book, 6 min ago; Phemex: live order book, 4 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, 6 min ago	6.35 bp	7.0 bp −$7	25.3 bp −$253	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	5.76 bp	19.8 bp −$20	24.1 bp −$241	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	−0.0241%	1h	0.4334	−0.192%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4335	−0.161%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0011%	1h	0.4336	−0.131%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.207%	$888	$216K	5.5x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4342	long leg	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4337	−0.113%	$349K	$883K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4339	−0.058%	$36.2M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	−0.044%	$774K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4338	−0.090%	$62.8M	$237.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4335	−0.159%	$67.6M	$126.3M	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	0.4337	−0.113%	$17.3M	$73.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4332	−0.228%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4336	−0.143%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4336	−0.136%	$12.2M	$16.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4338	−0.090%	$43.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4336	−0.136%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4337	−0.113%	$24.9M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4336	−0.136%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4338	−0.099%	$176K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4334	−0.187%	$639K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4343	+0.015%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	−0.019%	$411K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4343	+0.025%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	−0.099%	$65K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4336	−0.136%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4338	−0.090%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4337	−0.113%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4343	+0.025%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4336	−0.136%	$4.2M	$8.3M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4337	−0.102%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4336	−0.140%	$391K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4336	−0.124%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4337	−0.113%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4339	−0.067%	$217K	$760K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4346	+0.097%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4340	−0.044%	$2.5M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4336	−0.136%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4334	−0.178%	$494K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4337	−0.124%	$2K	—	20x	as long as short