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 +0.123%

Price spread now: Lighter against MEXC+0.012%7-day average +0.092% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.012%, 7d avg +0.092%

Together, before fees+0.127%+ Points / potential airdropLighter: Season 3 · farm board+$13 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: Lighter is 0.081% cheaper against MEXC than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ONDO_USDT	0.4334	0.0100	pay 0.0050% / 4h	3h 52m	$44.7M	$41.8M	200x
Short	Lighter ONDO	0.4335	0.0096	get 0.0012% / 1h	52m 22s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$0.84
Price spread: +0.012% → +0.092%: −$8.08
Slippage, 4 orders: −$20.37
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.28
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Lighter: 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 MEXC live order book, 2 min ago	1.15 bp	1.2 bp −$1	4.4 bp −$44	18.2 bp −$1,818	114.7 bp −$57.4K
Sell Lighter live order book, 4 min ago	4.61 bp	10.0 bp −$10	30.9 bp −$309	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	−0.0176%	1h	0.4329	−0.108%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4331	−0.069%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4326	−0.189%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.399%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4335	+0.012%	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4333	−0.029%	$346K	$889K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4333	−0.014%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4332	−0.046%	$63.3M	$234.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4329	−0.115%	$68.3M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.046%	$17.4M	$72.0M	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	+0.104%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4333	−0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4332	−0.046%	$13.1M	$15.0M	50x	as long as short
MEXC ONDO_USDTlong	+0.0100%	4h	0.4334	long leg	$44.7M	$41.8M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4333	−0.023%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4330	−0.092%	$24.7M	$36.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4333	−0.023%	—	$778K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4334	−0.005%	$176K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4321	−0.305%	$679K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4315	−0.427%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4323	−0.265%	$407K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	−0.485%	$134K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4333	−0.035%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4329	−0.115%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4334	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4330	−0.092%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4342	+0.185%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4330	−0.092%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4328	−0.137%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4328	−0.135%	$364K	$829K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4332	−0.053%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.115%	$214K	$735K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4332	−0.042%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0304%	1h	0.4335	+0.025%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4330	−0.092%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4329	−0.114%	$495K	—	100x	as long as short
Hyperliquid ONDO	+0.0621%	1h	0.4339	+0.108%	$36.6M	$27.2M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4334	−0.011%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1608%	1h	0.4328	−0.131%	$243K	$155K	5x	as long as short