Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0748%/8h= +81.9% APRpaid last 24h +0.160%

Price spread now: Lighter against Phemex+0.107%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.398%+$40 on $10k

Price spread, last 4 days (all we have)+0.275%+$27 · spread now +0.107%, 7d avg +0.100%

Together, before fees+0.673%+ Points / potential airdropLighter: Season 3 · farm board+$67 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.100%, so right now this pair is about funding alone: +$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.398% in total (about 20.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4402	0.0100	pay 0.0050% / 4h	1h 37m	$4.2M	$7.6M	50x
Short	Lighter ONDO	0.4407	0.0848	get 0.0106% / 1h	37m 06s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.107%Rate

Funding earned: $157.08
Price spread: +0.107% → +0.100%: $0.68
Slippage, 4 orders: −$33
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $112.76
Costs to cover: 0.450%
Break-even: 2.0 days

Slippage from Phemex: live order book, 2 min ago; Lighter: live order book, 10 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 Phemex live order book, 2 min ago	2.28 bp	13.6 bp −$14	18.8 bp −$188	doesn't fit	doesn't fit
Sell Lighter live order book, 10 min ago	5.12 bp	9.9 bp −$10	37.2 bp −$372	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
dYdX ONDO-USD	0.0000%	1h	0.4384	−0.406%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	−0.075%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.771%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4397	−0.110%	$2.6M	$8.1M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4398	−0.091%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4401	−0.023%	$373K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4403	+0.023%	$63.9M	$225.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4400	−0.045%	$69.5M	$122.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4404	+0.045%	$17.0M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4396	−0.145%	$72K	$86K	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	0.4393	−0.210%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4398	−0.091%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4400	−0.045%	$46.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4400	−0.045%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4401	−0.023%	$25.1M	$39.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4400	−0.045%	—	$758K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4395	−0.167%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4396	−0.131%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4389	−0.288%	$405K	$983K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4392	−0.227%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4403	+0.018%	$70K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4401	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4399	−0.068%	$457	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	+0.182%	$130K	$473K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4402	long leg	$4.2M	$7.6M	50x
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4395	−0.159%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4399	−0.073%	$397K	$789K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4401	−0.020%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0126%	4h	0.4402	−0.007%	$711K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0152%	1h	0.4405	+0.075%	$38.2M	$24.4M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0181%	1h	0.4404	+0.043%	$190K	$979K	15x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4398	−0.100%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4400	−0.045%	$3.1M	$3.0M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4400	−0.045%	$282K	$702K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4399	−0.075%	$362	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4399	−0.068%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4398	−0.086%	$485K	—	100x	as long as short
Lighter ONDOshort	+0.0848%	1h	0.4407	+0.107%	$1.4M	$2.1M	10x
Reya ONDORUSDPERP	+0.1149%	1h	0.4402	−0.007%	$2K	—	20x	as long as short