Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.148%

Price spread now: Phemex against Lighter−0.122%7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.408%−$41 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.122%, 7d avg −0.104%

Together, before fees−0.337%+ Points / potential airdropLighter: Season 3 · farm board−$34 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4360	0.0096	pay 0.0012% / 1h	3m 49s	$1.1M	$2.4M	10x
Short	Phemex ONDOUSDT	0.4355	0.0100	get 0.0050% / 4h	2h 03m	$4.2M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.122%Rate

Funding earned: $0.84
Price spread: −0.122% → −0.104%: −$1.79
Slippage, 4 orders: −$50.24
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$63.19
Costs to cover: 0.622%
Break-even: 533.6 days

Slippage from Lighter: live order book, 3 min ago; Phemex: 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 Lighter live order book, 3 min ago	4.57 bp	8.9 bp −$9	22.9 bp −$229	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	8.01 bp	24.3 bp −$24	30.7 bp −$307	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	−0.0240%	1h	0.4355	−0.133%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4356	−0.097%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0009%	1h	0.4357	−0.085%	$245K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.763%	$888	$216K	5.5x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4360	long leg	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4358	−0.053%	$348K	$895K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4360	−0.014%	$36.8M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4359	−0.040%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4355	−0.122%	$63.3M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4354	−0.144%	$68.0M	$126.5M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4355	−0.122%	$17.3M	$74.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4357	−0.083%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4357	−0.065%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4355	−0.122%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4355	−0.122%	$43.4M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4354	−0.144%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4355	−0.122%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4355	−0.122%	—	$23.7M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4356	−0.099%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.102%	$647K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4364	+0.078%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4362	+0.039%	$407K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.016%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	−0.009%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4358	−0.053%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4358	−0.053%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4357	−0.076%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4367	+0.154%	$129K	$429K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4355	−0.122%	$4.2M	$8.4M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4357	−0.076%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4354	−0.156%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4361	+0.017%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4360	+0.002%	$359	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.131%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4371	+0.243%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4361	+0.016%	$3.2M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4358	−0.053%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0572% / S −0.0202%	1h	0.4356	−0.090%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4358	−0.043%	$2K	—	20x	as long as short