ONDO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0616%/8h= +67.5% APRnext payment +$0.77 per $10,000 · paid last 24h +0.151%

Price spread now: Lighter against Phoenix−0.201%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$30 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now −0.201%, 7d avg +0.022%

Together, before fees+0.136%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.223% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.201% now, against its 7-day average of +0.022%). If the spread goes back, that is −$22 on $10k: about 29 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.295% in total) that is about 5.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.295% in total (about 15.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.77 per $10,000. 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	Phoenix ONDO	0.4433	0.0272	pay 0.0034% / 1h	28m 58s	$35K	$225K	10x
Short	Lighter ONDO	0.4424	0.0888	get 0.0111% / 1h	28m 58s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now −0.201%Rate

Funding earned: $129.37
Price spread: −0.201% → +0.022%: −$22.27
Slippage, 4 orders: −$35.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $64.33
Costs to cover: 0.428%
Break-even: 3.5 days

Slippage from Phoenix: live order book, 28 min ago; Lighter: live order book, 3 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 Phoenix live order book, 28 min ago	0.90 bp	12.5 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	3.61 bp	4.1 bp −$4	22.0 bp −$220	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
dYdX ONDO-USD	+0.0002%	1h	0.4425	−0.180%	$250K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4422	−0.254%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.045%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4417	−0.371%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4420	−0.293%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4425	−0.192%	$375K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4414	−0.424%	$64.0M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4414	−0.429%	$69.8M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4415	−0.406%	$17.1M	$72.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4422	−0.255%	$72K	$87K	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	0.4424	−0.198%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4414	−0.429%	$11.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4413	−0.451%	$46.7M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4415	−0.406%	$12.9M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4415	−0.406%	$25.2M	$39.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4416	−0.383%	—	$21.9M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4427	−0.145%	$717K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4421	−0.268%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4435	+0.046%	$415K	$992K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4427	−0.135%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4426	−0.165%	$71K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4426	−0.158%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4419	−0.316%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4434	+0.023%	$130K	$473K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4417	−0.361%	$4.2M	$7.6M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4413	−0.445%	$401K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4421	−0.259%	$38K	$13K	3x	as long as short
Paradex ONDO-USD-PERP	+0.0106%	8h	0.4427	−0.131%	$6K	—	10x	as long as short
Aster ONDOUSDT	+0.0170%	4h	0.4420	−0.293%	$712K	$2.3M	20x	as long as short
Hyperliquid ONDO	+0.0196%	1h	0.4421	−0.259%	$38.4M	$24.5M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0203%	1h	0.4421	−0.271%	$23K	$349K	25x	as long as short
Backpack ONDO_USDC_PERP	+0.0217%	1h	0.4418	−0.341%	$192K	$982K	15x	as long as short
Phoenix ONDOlong	+0.0272%	1h	0.4433	long leg	$35K	$225K	10x
BloFin ONDO-USDT	+0.0340%	4h	0.4417	−0.361%	$3.1M	$3.1M	75x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4428	−0.113%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0376%	1h	0.4426	−0.153%	$364	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0552% / S −0.0190%	1h	0.4421	−0.277%	$488K	—	100x	as long as short
Lighter ONDOshort	+0.0888%	1h	0.4424	−0.201%	$1.4M	$2.1M	10x
Reya ONDORUSDPERP	+0.1149%	1h	0.4425	−0.177%	$2K	—	20x	as long as short