Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0684%/8h= +74.9% APRpaid last 24h +0.156%

Price spread now: Lighter against Aster+0.179%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.179%, 7d avg +0.056%

Together, before fees+0.034%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Lighter is 0.123% dearer against Aster than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.056%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.195% in total (about 10.2% 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	Aster ONDOUSDT	0.4414	0.0100	pay 0.0050% / 4h	2h 00m	$672K	$2.2M	20x
Short	Lighter ONDO	0.4422	0.0784	get 0.0098% / 1h	0m 59s	$1.4M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.179%Rate

Funding earned: $143.64
Price spread: +0.179% → +0.056%: $12.27
Slippage, 4 orders: −$35.78
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $112.13
Costs to cover: 0.438%
Break-even: 1.5 days

Slippage from Aster: live order book, 2 min ago; Lighter: live order book, 6 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 Aster live order book, 2 min ago	2.27 bp	11.3 bp −$11	49.4 bp −$494	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	5.23 bp	8.3 bp −$8	31.1 bp −$311	doesn't fit	doesn't fit

ONDO on 38 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	−0.0362%	1h	0.4415	+0.030%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4411	−0.065%	$250K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4414	0.000%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.489%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4415	+0.023%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4414	−0.011%	$381K	$833K	10x	as long as short
Aster ONDOUSDTlong	+0.0100%	4h	0.4414	long leg	$672K	$2.2M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4409	−0.112%	$64.0M	$226.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4410	−0.091%	$69.8M	$122.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4409	−0.113%	$17.1M	$72.6M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.578%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4411	−0.067%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4408	−0.136%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4408	−0.136%	$46.7M	$43.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4411	−0.068%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4412	−0.045%	$25.1M	$39.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4409	−0.113%	—	$760K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.039%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4410	−0.084%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	−0.139%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4412	−0.045%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4415	+0.029%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4412	−0.045%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4418	+0.091%	$459	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4422	+0.181%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4413	−0.021%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4410	−0.080%	$398K	$790K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4416	+0.052%	$38K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0167%	4h	0.4414	0.000%	$4.2M	$7.5M	50x	as long as short
Backpack ONDO_USDC_PERP	+0.0178%	1h	0.4415	+0.023%	$197K	$988K	15x	as long as short
Hyperliquid ONDO	+0.0225%	1h	0.4413	−0.016%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.181%	$284K	$706K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.100%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4416	+0.050%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4414	+0.003%	$487K	—	100x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0656%	1h	0.4418	+0.091%	$23K	$349K	25x	as long as short
Lighter ONDOshort	+0.0784%	1h	0.4422	+0.179%	$1.4M	$2.1M	10x
Reya ONDORUSDPERP	+0.1148%	1h	0.4415	+0.028%	$2K	—	20x	as long as short