Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0604%/8h= −66.1% APRpaid last 24h −0.153%

Price spread now: Bybit against Lighter−0.096%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.096%, 7d avg −0.139%

Together, before fees−0.248%+ Points / potential airdropLighter: Season 3 · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.043% dearer against Lighter than usual: you sell high and buy low (spread −0.096% now, against its 7-day average of −0.139%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.244% in total) that is about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.244% in total (about -12.7% 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	Lighter ONDO	0.4587	0.0704	pay 0.0088% / 1h	15m 47s	$1.5M	$2.3M	10x
Short	Bybit ONDOUSDT	0.4583	0.0100	get 0.0050% / 4h	1h 15m	$74.6M	$122.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$126.84
Price spread: −0.096% → −0.139%: $4.26
Slippage, 4 orders: −$23.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$157.48
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bybit: 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 Lighter live order book, 6 min ago	1.73 bp	10.7 bp −$11	22.2 bp −$222	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.09 bp	8.4 bp −$8	14.0 bp −$140	48.1 bp −$4,812	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	−0.0350%	1h	0.4588	+0.023%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4595	+0.161%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4594	+0.144%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4600	+0.269%	$434K	$704K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4590	+0.050%	$736K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4578	−0.208%	$67.7M	$226.7M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4583	−0.096%	$74.6M	$122.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4583	−0.096%	$17.9M	$81.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4590	+0.050%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4600	+0.271%	—	—	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	0.4584	−0.074%	$12.0M	$18.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4584	−0.074%	$49.4M	$44.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4586	−0.031%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4576	−0.249%	$26.0M	$41.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4584	−0.074%	—	$22.6M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4604	+0.360%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	+0.385%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4612	+0.537%	$425K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.427%	$165K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4600	+0.279%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4593	+0.122%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	+0.078%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4609	+0.471%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4591	+0.078%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4598	+0.229%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4583	−0.094%	$411K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4598	+0.221%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4601	+0.290%	$37K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0147%	1h	0.4594	+0.146%	$232K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.423%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4595	+0.166%	$31K	$432K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.166%	$301K	$864K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	+0.318%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4606	+0.397%	$379	$2K	10x	as long as short
Hyperliquid ONDO	+0.0431%	1h	0.4589	+0.042%	$41.0M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0589% / S −0.0187%	1h	0.4595	+0.156%	$548K	—	100x	as long as short
Lighter ONDOlong	+0.0704%	1h	0.4587	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1141%	1h	0.4596	+0.195%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4442%	1h	0.4595	+0.163%	$260K	$129K	5x	as long as short