Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0460%/8h= +50.4% APRpaid last 24h +0.153%

Price spread now: Lighter against Bybit+0.163%7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.244%+$24 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.163%, 7d avg +0.139%

Together, before fees+0.180%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Lighter is 0.025% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.139%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.244% in total (about 12.7% 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	Bybit ONDOUSDT	0.4530	0.0100	pay 0.0050% / 4h	1h 46m	$73.4M	$117.9M	50x
Short	Lighter ONDO	0.4537	0.0560	get 0.0070% / 1h	46m 57s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.163%Rate

Funding earned: $96.6
Price spread: +0.163% → +0.139%: $2.48
Slippage, 4 orders: −$21.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $66.6
Costs to cover: 0.325%
Break-even: 2.2 days

Slippage from Bybit: 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 Bybit live order book, 2 min ago	1.11 bp	9.5 bp −$10	16.9 bp −$169	50.2 bp −$5,024	doesn't fit
Sell Lighter live order book, 5 min ago	3.10 bp	3.3 bp −$3	20.6 bp −$206	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	−0.0355%	1h	0.4526	−0.092%	$2.8M	$8.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4527	−0.057%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4529	−0.022%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4537	+0.160%	$426K	$681K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4531	+0.029%	$760K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4532	+0.044%	$66.7M	$219.7M	75x	as long as short
Bybit ONDOUSDTlong	+0.0100%	4h	0.4530	long leg	$73.4M	$117.9M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4531	+0.022%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4507	−0.510%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4536	+0.141%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4528	−0.044%	$11.8M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4533	+0.066%	$47.8M	$44.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4531	+0.022%	$13.5M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4532	+0.044%	$25.6M	$41.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4529	−0.022%	—	$744K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4530	−0.002%	$195K	$972K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4513	−0.373%	$795K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4515	−0.336%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4515	−0.332%	$426K	$928K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4538	+0.170%	$81K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4534	+0.088%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4529	−0.022%	$471	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4546	+0.353%	$130K	$509K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4529	−0.022%	$4.7M	$6.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4539	+0.190%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4533	+0.062%	$402K	$856K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4533	+0.066%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4521	−0.199%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4503	−0.596%	$1K	$181K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0192%	1h	0.4530	0.000%	$19K	$364K	25x	as long as short
ApeX Omni ONDOUSDT	+0.0236%	1h	0.4509	−0.464%	$159K	$333K	50x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4533	+0.066%	$299K	$845K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4529	−0.022%	$3.2M	$3.1M	75x	as long as short
01 Exchange ONDOUSD	+0.0384%	1h	0.4542	+0.267%	$374	$2K	10x	as long as short
Hyperliquid ONDO	+0.0527%	1h	0.4534	+0.095%	$40.5M	$27.3M	10x	as long as short
Lighter ONDOshort	+0.0560%	1h	0.4537	+0.163%	$1.4M	$2.1M	10x
GMX ONDO/USD [ETH-USDC]	L +0.0591% / S −0.0191%	1h	0.4527	−0.068%	$545K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1140%	1h	0.4534	+0.092%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1322%	1h	0.4536	+0.122%	$257K	$130K	5x	as long as short