Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0668%/8h= −73.1% APRpaid last 24h −0.156%

Price spread now: OKX against Lighter−0.197%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.115%+$12 · spread now −0.197%, 7d avg −0.126%

Together, before fees−0.126%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and OKX is 0.072% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.126%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.241% in total (about -12.6% 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	Lighter ONDO	0.4406	0.0768	pay 0.0096% / 1h	39m 41s	$1.4M	$2.1M	10x
Short	OKX ONDO-USDT-SWAP	0.4397	0.0100	get 0.0050% / 4h	2h 39m	$17.1M	$75.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$140.28
Price spread: −0.197% → −0.126%: −$7.15
Slippage, 4 orders: −$22.27
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$179.7
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; OKX: live order book, 4 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, 2 min ago	5.32 bp	5.8 bp −$6	32.4 bp −$324	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.13 bp	11.7 bp −$12	26.2 bp −$262	218.0 bp −$21.8K	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	−0.0363%	1h	0.4399	−0.142%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	−0.217%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4388	−0.401%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.684%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4392	−0.311%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4384	−0.487%	$392K	$847K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4395	−0.244%	$684K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4400	−0.133%	$64.7M	$231.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4398	−0.175%	$69.9M	$125.2M	50x	as long as short
OKX ONDO-USDT-SWAPshort	+0.0100%	4h	0.4397	−0.197%	$17.1M	$75.8M	50x

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	0.4395	−0.236%	$72K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4393	−0.286%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4393	−0.288%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4400	−0.129%	$43.4M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4395	−0.243%	$13.1M	$11.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4397	−0.197%	$24.9M	$40.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4397	−0.197%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4397	−0.195%	$197K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	−0.111%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	+0.712%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4437	+0.711%	$409K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	+0.642%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4390	−0.345%	$92K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4401	−0.107%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4397	−0.197%	$457	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4405	−0.016%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4396	−0.211%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4395	−0.244%	$396K	$816K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4398	−0.184%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0205%	1h	0.4393	−0.288%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0262%	1h	0.4400	−0.120%	$38.8M	$25.3M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4382	−0.538%	$281K	$785K	50x	as long as short
01 Exchange ONDOUSD	+0.0336%	1h	0.4399	−0.150%	$362	$2K	10x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.447%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	+1.482%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4387	−0.428%	$484K	—	100x	as long as short
Lighter ONDOlong	+0.0768%	1h	0.4406	long leg	$1.4M	$2.1M	10x
Phemex ONDOUSDT	+0.1021%	4h	0.4407	+0.030%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4389	−0.384%	$2K	—	20x	as long as short