ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0231%/8h= −25.3% APRnext payment −$0.29 per $10,000 · paid last 24h +0.142%

Price spread now: Lighter against Phoenix−0.113%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.298%+$30 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.113%, 7d avg +0.024%

Together, before fees+0.242%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.137% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.024%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.298%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ONDO	0.4339	0.0327	pay 0.0041% / 1h	8m 22s	$35K	$218K	10x
Short	Lighter ONDO	0.4334	0.0096	get 0.0012% / 1h	8m 22s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$48.49
Price spread: −0.113% → +0.024%: −$13.72
Slippage, 4 orders: −$35.7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$104.92
Costs to cover: 0.427%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; Lighter: live order book, 3 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 Phoenix live order book, 39 min ago	0.91 bp	12.6 bp −$13	51.4 bp −$514	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	7.26 bp	9.7 bp −$10	25.2 bp −$252	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	−0.0162%	1h	0.4327	−0.271%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4330	−0.197%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.290%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4334	−0.113%	$1.1M	$2.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4330	−0.196%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4333	−0.138%	$357K	$862K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4330	−0.187%	$62.4M	$232.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4329	−0.219%	$67.3M	$124.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4332	−0.150%	$17.0M	$72.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4330	−0.201%	$72K	$83K	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	0.4331	−0.179%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4328	−0.242%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4329	−0.219%	$42.4M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4329	−0.219%	$12.5M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4330	−0.196%	$24.8M	$39.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4331	−0.173%	—	$23.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4327	−0.267%	$179K	$979K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4330	−0.203%	$681K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4348	+0.213%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4349	+0.244%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4346	+0.173%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4329	−0.210%	$65K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4332	−0.150%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4330	−0.196%	$450	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4340	+0.035%	$128K	$431K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4330	−0.196%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4332	−0.152%	$6K	—	10x	as long as short
Hyperliquid ONDO	+0.0102%	1h	0.4329	−0.212%	$36.5M	$25.3M	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4330	−0.188%	$390K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4333	−0.138%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0134%	4h	0.4331	−0.165%	$775K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4331	−0.175%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4335	−0.081%	$218K	$765K	50x	as long as short
Phoenix ONDOlong	+0.0327%	1h	0.4339	long leg	$35K	$218K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4330	−0.196%	$3.1M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0443%	1h	0.4333	−0.127%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0553% / S −0.0193%	1h	0.4330	−0.206%	$481K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4330	−0.186%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1310%	1h	0.4331	−0.180%	$248K	$133K	5x	as long as short