Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h +0.076%

Price spread now: Lighter against BloFin−0.106%60s7-day average +0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.346% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now −0.106%, 7d avg +0.085%

Together, before fees−0.105%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.190% cheaper against BloFin than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.085%). Swap the legs. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4360	0.0340	pay 0.0170% / 4h	2h 01m	$3.2M	$3.2M	75x
Short	Lighter ONDO	0.4355	0.0096	get 0.0012% / 1h	1m 50s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$51.24
Price spread: −0.106% → +0.085%: −$19.03
Slippage, 4 orders: −$22.65
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$104.92
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from BloFin: live order book, 1 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 BloFin live order book, 1 min ago	1.15 bp	12.4 bp −$12	16.1 bp −$161	33.5 bp −$3,349	doesn't fit
Sell Lighter live order book, 5 min ago	4.57 bp	5.8 bp −$6	26.5 bp −$265	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	0.4352	−0.195%	$2.6M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4350	−0.237%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0009%	1h	0.4349	−0.249%	$244K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.771%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4355	−0.106%	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4352	−0.172%	$347K	$895K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4358	−0.057%	$36.8M	$27.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4354	−0.138%	$777K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4352	−0.183%	$63.3M	$238.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4349	−0.252%	$67.9M	$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	0.4351	−0.206%	$17.3M	$74.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4351	−0.202%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4352	−0.191%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4351	−0.206%	$12.3M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4352	−0.183%	$43.3M	$42.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	−0.206%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4353	−0.161%	$25.0M	$39.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4351	−0.206%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4354	−0.142%	$181K	$992K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4365	+0.109%	$647K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4364	+0.088%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4362	+0.046%	$407K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.023%	$133K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4354	−0.142%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4351	−0.206%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4353	−0.161%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4352	−0.183%	$452	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4362	+0.046%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4352	−0.183%	$4.2M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4351	−0.209%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4350	−0.230%	$393K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4355	−0.126%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4355	−0.122%	$358	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4366	+0.138%	$217K	$756K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4367	+0.154%	$35K	$223K	10x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4360	long leg	$3.2M	$3.2M	75x
Deribit ONDO_USDC-PERPETUAL	+0.0440%	1h	0.4352	−0.183%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0202%	1h	0.4350	−0.237%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1157%	1h	0.4352	−0.186%	$2K	—	20x	as long as short