Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.130%

Price spread now: SunX against Lighter+0.204%7-day average −0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1531.528% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.265%−$27 · spread now +0.204%, 7d avg −0.112%

Together, before fees−0.472%+ Points / potential airdropLighter: Season 3 · farm board−$47 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: SunX is 0.316% dearer against Lighter than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of −0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4315	0.0096	pay 0.0012% / 1h	55m 22s	$1.1M	$2.3M	10x
Short	SunX ONDO-USDT	0.4324	0.0100	get 0.0050% / 4h	3h 55m	—	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.204%Rate

Funding earned: $0.84
Price spread: +0.204% → −0.112%: $31.63
Slippage, 4 orders: −$144.81
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$120.34
Costs to cover: 1.528%
Break-even: 1009.8 days

Slippage from Lighter: live order book, 6 min ago; SunX: live order book, 9 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	5.08 bp	5.3 bp −$5	21.8 bp −$218	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	47.40 bp	70.4 bp −$70	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	−0.0177%	1h	0.4320	+0.113%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4323	+0.181%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4316	+0.021%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.858%	$888	$216K	5.5x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4315	long leg	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4316	+0.013%	$345K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	−0.028%	$758K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4313	−0.060%	$63.0M	$234.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4314	−0.028%	$68.1M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4316	+0.019%	$17.3M	$71.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4339	+0.540%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4313	−0.061%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4310	−0.121%	$13.0M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4316	+0.019%	$43.9M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4316	+0.019%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4315	−0.005%	$24.6M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4318	+0.065%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4315	+0.002%	$175K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4321	+0.129%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4334	+0.439%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4324	+0.208%	$405K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4321	+0.134%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4314	−0.021%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	+0.134%	$23K	$6K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4324	+0.204%	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4322	+0.158%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4336	+0.482%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4320	+0.111%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4309	−0.146%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4311	−0.095%	$365K	$828K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4324	+0.204%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.552%	$214K	$735K	50x	as long as short
01 Exchange ONDOUSD	+0.0312%	1h	0.4316	+0.012%	$355	$2K	10x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4328	+0.306%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4335	+0.459%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0568%	1h	0.4322	+0.151%	$36.5M	$27.3M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0203%	1h	0.4316	+0.021%	$493K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4317	+0.048%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1665%	1h	0.4310	−0.114%	$242K	$155K	5x	as long as short