Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.161%

Price spread now: Lighter against OKX+0.085%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.085%, 7d avg +0.102%

Together, before fees+0.256%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.102%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ONDO-USDT-SWAP	0.4375	0.0100	pay 0.0050% / 4h	46m 28s	$16.8M	$72.3M	50x
Short	Lighter ONDO	0.4379	0.0240	get 0.0030% / 1h	46m 28s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.085%Rate

Funding earned: $29.4
Price spread: +0.085% → +0.102%: −$1.78
Slippage, 4 orders: −$30.95
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.33
Costs to cover: 0.410%
Break-even: 10.2 days

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 5 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 OKX live order book, 2 min ago	1.15 bp	10.5 bp −$11	21.1 bp −$211	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	8.12 bp	12.8 bp −$13	23.3 bp −$233	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
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4369	−0.141%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0033%	1h	0.4366	−0.198%	$2.6M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.411%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4367	−0.183%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4378	+0.063%	$370K	$843K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4377	+0.052%	$37.6M	$24.5M	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4376	+0.023%	$63.1M	$229.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4375	0.000%	$69.2M	$124.0M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4375	long leg	$16.8M	$72.3M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4344	−0.711%	$72K	$84K	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	0.4374	−0.034%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4375	0.000%	$11.5M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4378	+0.069%	$45.9M	$41.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4371	−0.091%	$12.7M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4374	−0.023%	$25.0M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4378	+0.069%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4373	−0.057%	$188K	$981K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	−0.235%	$707K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4353	−0.501%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4355	−0.448%	$402K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4350	−0.571%	$134K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4375	+0.011%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4372	−0.069%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4368	−0.160%	$454	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4379	+0.091%	$127K	$477K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4369	−0.137%	$4.2M	$7.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4379	+0.089%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4377	+0.048%	$395K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4370	−0.119%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0212%	4h	0.4375	−0.001%	$735K	$2.4M	20x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4375	+0.011%	$360	$2K	10x	as long as short
Lighter ONDOshort	+0.0240%	1h	0.4379	+0.085%	$1.1M	$2.4M	10x
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4394	+0.434%	$276K	$719K	50x	as long as short
dYdX ONDO-USD	+0.0334%	1h	0.4375	+0.005%	$248K	$129K	5x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4375	0.000%	$3.1M	$2.9M	75x	as long as short
Phoenix ONDO	+0.0365%	1h	0.4354	−0.489%	$35K	$223K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0437%	1h	0.4369	−0.137%	$23K	$346K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0606% / S −0.0219%	1h	0.4369	−0.128%	$519K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1151%	1h	0.4373	−0.052%	$2K	—	20x	as long as short