Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.148%

Price spread now: BingX against Lighter−0.033%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 7 days+0.058%+$6 · spread now −0.033%, 7d avg −0.094%

Together, before fees−0.169%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.061% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ONDO	0.4299	0.0096	pay 0.0012% / 1h	27m 16s	$1.1M	$2.4M	10x
Short	BingX ONDO-USDT	0.4298	0.0100	get 0.0050% / 4h	2h 27m	—	$23.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0.84
Price spread: −0.033% → −0.094%: $6.12
Slippage, 4 orders: −$23.94
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$26.98
Costs to cover: 0.339%
Break-even: 231.8 days

Slippage from Lighter: live order book, 5 min ago; BingX: live order book, 11 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 Lighter live order book, 5 min ago	6.16 bp	6.4 bp −$6	29.1 bp −$291	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	2.32 bp	8.4 bp −$8	13.5 bp −$135	38.4 bp −$3,842	299.2 bp −$149.6K

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	−0.0243%	1h	0.4293	−0.141%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4295	−0.106%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0015%	1h	0.4297	−0.060%	$241K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.247%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0080%	1h	0.4300	+0.005%	$354	$2K	10x	as long as short
Lighter ONDOlong	+0.0096%	1h	0.4299	long leg	$1.1M	$2.4M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4300	+0.014%	$348K	$877K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4300	+0.026%	$35.9M	$26.4M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4299	−0.009%	$768K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4297	−0.057%	$61.9M	$236.0M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4294	−0.126%	$67.0M	$126.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4295	−0.102%	$17.1M	$72.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4295	−0.091%	$70K	$82K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4298	−0.030%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4297	−0.056%	$12.0M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4295	−0.102%	$42.3M	$42.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4300	+0.014%	$12.0M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4295	−0.102%	$24.6M	$39.9M	50x	as long as short
BingX ONDO-USDTshort	+0.0100%	4h	0.4298	−0.033%	—	$23.6M	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	+0.049%	$176K	$989K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4295	−0.106%	$649K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4308	+0.189%	$4K	$314K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4305	+0.133%	$404K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4307	+0.177%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4300	+0.023%	$67K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4294	−0.126%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	+0.037%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4296	−0.079%	$447	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4304	+0.107%	$127K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4297	−0.056%	$4.1M	$8.3M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4300	+0.002%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4294	−0.136%	$387K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4298	−0.036%	$37K	$13K	3x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+1.084%	$218K	$764K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4309	+0.219%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4301	+0.037%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0449%	1h	0.4296	−0.079%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0560% / S −0.0197%	1h	0.4294	−0.117%	$483K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1156%	1h	0.4299	−0.020%	$2K	—	20x	as long as short