Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.152%

Price spread now: Variational Omni against Lighter−0.330%7-day average −0.109% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.189%−$19 on $10k

Price spread, last 3 days (all we have)+0.441%+$44 · spread now −0.330%, 7d avg −0.109%

Together, before fees+0.252%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Variational Omni is 0.222% cheaper against Lighter than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4535	0.0512	pay 0.0064% / 1h	35m 30s	$1.4M	$2.2M	10x
Short	Variational Omni ONDO	0.4520	0.0100	get 0.0050% / 4h	2h 35m	$797K	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.330%Rate

Funding earned: −$86.52
Price spread: −0.330% → −0.109%: −$22.18
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$108.7
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 1 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 1 min ago	3.20 bp	12.6 bp −$13	34.6 bp −$346	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.53 bp	doesn't fit	16.6 bp −$166	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	−0.1124%	1h	0.4523	−0.249%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4525	−0.210%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4521	−0.305%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.302%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.276%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.276%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4533	−0.033%	$426K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4529	−0.124%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4532	−0.061%	$66.6M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4533	−0.033%	$73.6M	$117.8M	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	0.4533	−0.033%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	−0.082%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4533	−0.037%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4527	−0.165%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4527	−0.165%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4526	−0.187%	$13.8M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4533	−0.033%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4529	−0.121%	—	$22.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4523	−0.247%	$195K	$970K	15x	as long as short
Variational Omni ONDOshort	+0.0100%	4h	0.4520	−0.330%	$797K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.364%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4536	+0.033%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4536	+0.033%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4534	−0.002%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4522	−0.276%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4523	−0.254%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4531	−0.077%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4520	−0.320%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4526	−0.177%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4530	−0.088%	$402K	$989K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	−0.210%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0156%	1h	0.4531	−0.084%	$40.8M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	−0.011%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4530	−0.099%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4538	+0.068%	$373	$2K	10x	as long as short
Lighter ONDOlong	+0.0512%	1h	0.4535	long leg	$1.4M	$2.2M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0618% / S −0.0203%	1h	0.4521	−0.303%	$562K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1138%	1h	0.4534	−0.015%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9845%	1h	0.4524	−0.235%	$256K	$123K	5x	as long as short