Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.140%

Price spread now: Lighter against Orderly+0.144%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.144% dearer against Orderly than usual: you sell high and buy low, +$14 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4310	0.0100	pay 0.0050% / 4h	1h 36m	$23K	$6K	10x
Short	Lighter ONDO	0.4316	0.0096	get 0.0012% / 1h	36m 27s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.144%Rate

Funding earned: −$0.84
Price spread: +0.144% → 0.000%: $14.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.55
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	5.77 bp	9.0 bp −$9	22.8 bp −$228	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0147%	1h	0.4318	+0.190%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4314	+0.098%	$242K	$136K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4310	−0.001%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.986%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4316	+0.144%	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4311	+0.035%	$346K	$897K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4314	+0.085%	$772K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4311	+0.033%	$62.5M	$237.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4310	0.000%	$67.3M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4312	+0.046%	$17.1M	$72.8M	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	0.4319	+0.202%	$71K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4310	+0.002%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4310	0.000%	$12.3M	$16.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4311	+0.023%	$42.7M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4312	+0.046%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4311	+0.023%	$24.6M	$39.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4311	+0.023%	—	$771K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4314	+0.093%	$171K	$997K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4324	+0.319%	$643K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4321	+0.253%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4325	+0.348%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4330	+0.464%	$132K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4313	+0.065%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4310	long leg	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4321	+0.255%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4319	+0.209%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4328	+0.418%	$128K	$402K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4317	+0.162%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4313	+0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4311	+0.033%	$391K	$792K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4320	+0.241%	$37K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0143%	1h	0.4314	+0.090%	$36.2M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4313	+0.065%	$355	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4319	+0.209%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4327	+0.394%	$214K	$726K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4325	+0.346%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.232%	$3.2M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4310	+0.005%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4310	+0.006%	$2K	—	20x	as long as short