Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0412%/8h= +45.1% APRpaid last 24h +0.153%

Price spread now: Lighter against Variational Omni−0.250%7-day average +0.109% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.189%+$19 on $10k

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.250%, 7d avg +0.109%

Together, before fees+0.328%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.358% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.250% now, against its 7-day average of +0.109%). If the spread goes back, that is −$36 on $10k: about 2.9 days of funding at the current rate (+$12 a day). At the pace of the last 3 days (+0.189% in total) that is about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4531	0.0100	pay 0.0050% / 4h	1h 53m	$793K	$2.0M	—
Short	Lighter ONDO	0.4520	0.0512	get 0.0064% / 1h	53m 13s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.250%Rate

Funding earned: $86.52
Price spread: −0.250% → +0.109%: −$35.82
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $50.7
Costs to cover: 0.000%
Break-even: 2.9 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 4 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 Variational Omni RFQ quote, 1 min ago	4.41 bp	doesn't fit	15.4 bp −$154	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	4.63 bp	5.1 bp −$5	30.2 bp −$302	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	−0.0356%	1h	0.4511	−0.447%	$2.8M	$8.0M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4514	−0.378%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4513	−0.393%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4512	−0.422%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4516	−0.334%	$424K	$682K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4516	−0.334%	$756K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4514	−0.387%	$66.5M	$220.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4513	−0.400%	$73.2M	$118.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4512	−0.422%	$17.6M	$79.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4542	+0.249%	$73K	$85K	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	0.4512	−0.411%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4511	−0.444%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4512	−0.422%	$47.6M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4513	−0.400%	$13.4M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4512	−0.422%	$25.5M	$41.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4511	−0.444%	—	$22.5M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4511	−0.453%	$195K	$972K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4531	long leg	$793K	$2.0M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4534	+0.065%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4533	+0.039%	$428K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4514	−0.373%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4513	−0.400%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4514	−0.378%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4522	−0.201%	$130K	$508K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4512	−0.422%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4515	−0.354%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4513	−0.404%	$403K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4516	−0.325%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4528	−0.062%	$30K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.620%	$1K	$181K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4538	+0.152%	$300K	$847K	50x	as long as short
ApeX Omni ONDOUSDT	+0.0286%	1h	0.4538	+0.152%	$160K	$333K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4510	−0.466%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4517	−0.318%	$372	$2K	10x	as long as short
Lighter ONDOshort	+0.0512%	1h	0.4520	−0.250%	$1.4M	$2.1M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0590% / S −0.0191%	1h	0.4512	−0.421%	$543K	—	100x	as long as short
Hyperliquid ONDO	+0.0593%	1h	0.4515	−0.351%	$40.4M	$27.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4514	−0.386%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1173%	1h	0.4520	−0.255%	$256K	$130K	5x	as long as short