Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0812%/8h= +88.9% APRpaid last 24h +0.153%

Price spread now: Lighter against OKX+0.108%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.108%, 7d avg +0.126%

Together, before fees+0.192%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.126%, so right now this pair is about funding alone: +$24 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.226% in total (about 11.8% 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	OKX ONDO-USDT-SWAP	0.4556	0.0100	pay 0.0050% / 4h	41m 44s	$17.7M	$81.0M	50x
Short	Lighter ONDO	0.4561	0.0912	get 0.0114% / 1h	41m 44s	$1.5M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.108%Rate

Funding earned: $170.52
Price spread: +0.108% → +0.126%: −$1.81
Slippage, 4 orders: −$29.3
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $129.42
Costs to cover: 0.393%
Break-even: 1.7 days

Slippage from OKX: 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 OKX live order book, 2 min ago	1.10 bp	8.8 bp −$9	23.7 bp −$237	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	4.47 bp	8.8 bp −$9	38.6 bp −$386	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	−0.0803%	1h	0.4544	−0.268%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.263%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4544	−0.263%	$35K	$436K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	−0.215%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4543	−0.285%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4549	−0.154%	$430K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4550	−0.124%	$723K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4552	−0.092%	$68.0M	$228.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4556	0.000%	$73.8M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4556	long leg	$17.7M	$81.0M	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	0.4551	−0.119%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4550	−0.133%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4544	−0.263%	$11.9M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4544	−0.263%	$49.1M	$43.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4545	−0.241%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4548	−0.176%	$25.7M	$41.4M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4548	−0.176%	—	$741K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4573	+0.372%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4565	+0.205%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4563	+0.154%	$421K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4564	+0.176%	$173K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4551	−0.099%	$68K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4548	−0.176%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4545	−0.241%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4561	+0.110%	$133K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4546	−0.219%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4551	−0.120%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4544	−0.270%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4546	−0.209%	$44K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0155%	1h	0.4546	−0.224%	$229K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4573	+0.384%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4556	0.000%	$299K	$851K	50x	as long as short
Hyperliquid ONDO	+0.0323%	1h	0.4552	−0.094%	$40.3M	$26.9M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4565	+0.198%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4553	−0.064%	$375	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4546	−0.228%	$543K	—	100x	as long as short
Lighter ONDOshort	+0.0912%	1h	0.4561	+0.108%	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1142%	1h	0.4548	−0.183%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5977%	1h	0.4548	−0.167%	$257K	$131K	5x	as long as short