Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0380%/8hpaid last 24h +0.152%

Price spread now: Lighter against Paradex+0.359%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Lighter is 0.359% dearer against Paradex than usual: you sell high and buy low: +$36 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ONDO-USD-PERP	0.4410	0.0100	pay 0.0100% / 8h	4h 03m	$6K	$9	10x
Short	Lighter ONDO	0.4426	0.0480	get 0.0060% / 1h	3m 54s	$1.2M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.359%Rate

Funding earned: $79.8
Price spread: +0.359% → 0.000%: $35.93
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: $111.73
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 2 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 2 min ago	1.36 bp	5.9 bp −$6	20.9 bp −$209	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0493%	1h	0.4415	+0.108%	$2.9M	$7.0M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	+0.090%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERPlong	+0.0100%	8h	0.4410	long leg	$6K	$9	10x
Nado ONDO-PERP	+0.0100%	1h	0.4412	+0.049%	$453K	$612K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4420	+0.220%	$754K	$1.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4419	+0.207%	$65.6M	$216.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4415	+0.117%	$69.5M	$112.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4417	+0.162%	$17.3M	$77.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4400	−0.221%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4412	+0.044%	—	—	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	0.4416	+0.139%	$11.6M	$18.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4419	+0.207%	$52.6M	$44.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4416	+0.139%	$13.5M	$9.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4418	+0.185%	$25.0M	$40.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4418	+0.185%	—	$751K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4421	+0.248%	$235K	$937K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4406	−0.077%	$765K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4409	−0.016%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4409	−0.014%	$410K	$826K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4411	+0.026%	$155K	$352K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4413	+0.076%	$71K	$994K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4416	+0.139%	$24K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4413	+0.071%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4418	+0.185%	$459	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4419	+0.207%	$109K	$488K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4418	+0.185%	$4.9M	$5.8M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4416	+0.145%	$386K	$944K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4415	+0.125%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4408	−0.033%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	+0.139%	$994	$82K	5.5x	as long as short
Hyperliquid ONDO	+0.0218%	1h	0.4423	+0.296%	$39.1M	$26.0M	10x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4416	+0.148%	$363	$2K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4409	−0.019%	$3.2M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0430%	1h	0.4418	+0.185%	$20K	$344K	25x	as long as short
Lighter ONDOshort	+0.0480%	1h	0.4426	+0.359%	$1.2M	$1.7M	10x
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4416	+0.139%	$329K	$741K	50x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0609% / S −0.0203%	1h	0.4413	+0.063%	$548K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1135%	1h	0.4413	+0.061%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.1484%	1h	0.4410	+0.004%	$250K	$116K	5x	as long as short