Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0660%/8h= −72.3% APRpaid last 24h −0.156%

Price spread now: Gate against Lighter−0.251%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$530.530% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.251%, 7d avg −0.137%

Together, before fees−0.092%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Gate is 0.113% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.137%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.237% in total (about -12.4% 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	0.4548	0.0760	pay 0.0095% / 1h	25m 46s	$1.5M	$2.3M	10x
Short	Gate ONDO_USDT	0.4537	0.0100	get 0.0050% / 4h	25m 46s	$11.9M	$18.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.251%Rate

Funding earned: −$138.6
Price spread: −0.251% → −0.137%: −$11.34
Slippage, 4 orders: −$37.95
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$202.89
Costs to cover: 0.530%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: 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	3.74 bp	10.6 bp −$11	22.5 bp −$225	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	1.10 bp	15.2 bp −$15	33.8 bp −$338	44.2 bp −$4,424	73.7 bp −$36.8K

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	−0.0803%	1h	0.4539	−0.196%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.431%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4541	−0.163%	$35K	$437K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4541	−0.158%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4540	−0.185%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4541	−0.163%	$436K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4543	−0.119%	$721K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4539	−0.199%	$67.9M	$227.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4539	−0.207%	$73.6M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4536	−0.273%	$17.6M	$80.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	+0.007%	$74K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4545	−0.081%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4537	−0.251%	$11.9M	$18.1M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4539	−0.207%	$48.6M	$43.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4540	−0.185%	$14.0M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4541	−0.163%	$25.7M	$41.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4541	−0.163%	—	$740K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4542	−0.150%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4546	−0.053%	$780K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4545	−0.074%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4544	−0.107%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	−0.053%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4544	−0.101%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4540	−0.185%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4541	−0.163%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4556	+0.167%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4542	−0.141%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4546	−0.056%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4538	−0.224%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4542	−0.130%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0149%	1h	0.4545	−0.086%	$40.2M	$26.7M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4547	−0.024%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4555	+0.145%	$298K	$845K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4546	−0.053%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4545	−0.073%	$374	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0586% / S −0.0188%	1h	0.4541	−0.166%	$542K	—	100x	as long as short
Lighter ONDOlong	+0.0760%	1h	0.4548	long leg	$1.5M	$2.3M	10x
Reya ONDORUSDPERP	+0.1143%	1h	0.4541	−0.165%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3995%	1h	0.4539	−0.207%	$257K	$132K	5x	as long as short