ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.128%

Price spread now: Backpack against Lighter−0.130%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 7 days+0.247%+$25 · spread now −0.130%, 7d avg −0.083%

Together, before fees+0.040%+ Points / potential airdropLighter: Season 3 · farm board+$4 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: Backpack is 0.048% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4302	0.0096	pay 0.0012% / 1h	22m 13s	$1.1M	$2.3M	10x
Short	Backpack ONDO_USDC_PERP	0.4296	0.0100	get 0.0013% / 1h	22m 13s	$173K	$997K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.130%Rate

Funding earned: $0.84
Price spread: −0.130% → −0.083%: −$4.76
Slippage, 4 orders: −$23.48
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$37.4
Costs to cover: 0.335%
Break-even: 318.6 days

Slippage from Lighter: live order book, 10 min ago; Backpack: live order book, 22 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 Lighter live order book, 10 min ago	3.13 bp	5.4 bp −$5	35.2 bp −$352	doesn't fit	doesn't fit
Sell Backpack live order book, 22 min ago	1.73 bp	8.3 bp −$8	doesn't fit	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	−0.0177%	1h	0.4298	−0.083%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	−0.066%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.193%	$888	$216K	5.5x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4302	long leg	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4303	+0.021%	$344K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4300	−0.037%	$749K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4297	−0.107%	$62.5M	$233.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4295	−0.153%	$67.4M	$122.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4296	−0.130%	$17.2M	$71.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	−0.193%	$71K	$80K	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	0.4299	−0.058%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	−0.130%	$12.8M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4297	−0.107%	$43.6M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4297	−0.107%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4297	−0.107%	$24.5M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4297	−0.107%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERPshort	+0.0100%	1h	0.4296	−0.130%	$173K	$997K	15x
Variational Omni ONDO	+0.0100%	4h	0.4299	−0.067%	$675K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4301	−0.013%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4299	−0.072%	$396K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4301	−0.014%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4301	−0.005%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4298	−0.084%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	−0.014%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4301	−0.014%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4308	+0.149%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4297	−0.107%	$4.2M	$8.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4300	−0.037%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4299	−0.064%	$352K	$802K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	+0.015%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4301	−0.002%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.265%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.198%	$35K	$221K	10x	as long as short
Hyperliquid ONDO	+0.0338%	1h	0.4300	−0.035%	$36.2M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4302	+0.009%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0448%	1h	0.4301	−0.014%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4298	−0.079%	$491K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1160%	1h	0.4300	−0.032%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1663%	1h	0.4300	−0.034%	$241K	$156K	5x	as long as short