Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.123%

Price spread now: Lighter against Binance+0.144%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

Price spread, last 7 days−0.287%−$29 · spread now +0.144%, 7d avg +0.079%

Together, before fees−0.019%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.065% dearer against Binance than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ONDOUSDT	0.4329	0.0100	pay 0.0050% / 4h	3h 41m	$63.2M	$233.3M	75x
Short	Lighter ONDO	0.4335	0.0096	get 0.0012% / 1h	41m 49s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.144%Rate

Funding earned: −$0.84
Price spread: +0.144% → +0.079%: $6.52
Slippage, 4 orders: −$23.02
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.34
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Binance: 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 Binance live order book, 2 min ago	1.15 bp	7.0 bp −$7	12.6 bp −$126	57.5 bp −$5,749	doesn't fit
Sell Lighter live order book, 5 min ago	4.03 bp	13.9 bp −$14	29.7 bp −$297	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	−0.0176%	1h	0.4333	+0.101%	$2.5M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4334	+0.116%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	+0.072%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.521%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4335	+0.144%	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4334	+0.116%	$346K	$885K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4332	+0.060%	$759K	$2.8M	20x	as long as short
Binance ONDOUSDTlong	+0.0100%	4h	0.4329	long leg	$63.2M	$233.3M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4327	−0.046%	$68.2M	$121.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4330	+0.024%	$17.3M	$71.8M	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	0.4327	−0.046%	$71K	$80K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4335	+0.141%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4329	+0.001%	$13.2M	$15.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4328	−0.023%	$44.4M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4330	+0.024%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4329	+0.001%	$24.8M	$36.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4329	+0.001%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	+0.021%	$180K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	+0.227%	$682K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4341	+0.268%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4343	+0.321%	$400K	$1.6M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4341	+0.278%	$134K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4335	+0.151%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4332	+0.070%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4333	+0.093%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4333	+0.093%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4341	+0.278%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4334	+0.116%	$4.2M	$9.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4332	+0.063%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4327	−0.037%	$363K	$833K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4335	+0.136%	$38K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4339	+0.232%	$214K	$734K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4344	+0.354%	$35K	$218K	10x	as long as short
01 Exchange ONDOUSD	+0.0288%	1h	0.4338	+0.211%	$357	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4332	+0.070%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4333	+0.089%	$496K	—	100x	as long as short
Hyperliquid ONDO	+0.0626%	1h	0.4335	+0.139%	$36.6M	$27.5M	10x	as long as short
Reya ONDORUSDPERP	+0.1162%	1h	0.4336	+0.162%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2152%	1h	0.4331	+0.038%	$243K	$155K	5x	as long as short