Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.111%

Price spread now: Lighter against Phemex+0.116%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.408%+$41 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.116%, 7d avg +0.105%

Together, before fees+0.396%+ Points / potential airdropLighter: Season 3 · farm board+$40 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4303	0.0100	pay 0.0050% / 4h	1h 04m	$4.1M	$8.4M	50x
Short	Lighter ONDO	0.4308	0.0096	get 0.0012% / 1h	4m 53s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$0.84
Price spread: +0.116% → +0.105%: $1.1
Slippage, 4 orders: −$31.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$43.42
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.16 bp	13.3 bp −$13	21.9 bp −$219	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	4.18 bp	9.6 bp −$10	25.5 bp −$255	doesn't fit	doesn't fit

ONDO on 39 exchanges

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	−0.0326%	1h	0.4304	+0.015%	$2.5M	$6.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4302	−0.023%	$21K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4305	+0.052%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.158%	$888	$215K	5.5x	as long as short
Bybit ONDOUSDT	+0.0046%	4h	0.4307	+0.093%	$66.7M	$113.4M	50x	as long as short
01 Exchange ONDOUSD	+0.0064%	1h	0.4306	+0.079%	$354	$2K	10x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4308	+0.116%	$1.1M	$2.3M	10x
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4301	−0.046%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4303	0.000%	$332K	$817K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4306	+0.060%	$36.3M	$26.3M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4306	+0.071%	$761K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4305	+0.043%	$62.1M	$214.1M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4306	+0.070%	$17.2M	$66.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4291	−0.288%	$69K	$67K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4303	+0.008%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4303	0.000%	$14.0M	$13.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4304	+0.023%	$43.8M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4303	0.000%	$13.0M	$9.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4304	+0.023%	$24.8M	$31.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4306	+0.070%	—	$782K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4303	0.000%	$180K	$976K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4306	+0.078%	$616K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4302	−0.030%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4302	−0.019%	$405K	$2.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4300	−0.070%	$86K	$350K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4305	+0.053%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4305	+0.046%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4303	0.000%	$447	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4317	+0.325%	$106K	$444K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4303	long leg	$4.1M	$8.4M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4302	−0.018%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4301	−0.050%	$348K	$761K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4303	+0.011%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0166% / S +0.0191%	1h	0.4308	+0.118%	$328K	—	100x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4308	+0.119%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4305	+0.046%	$212K	$558K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4303	0.000%	$3.2M	$2.8M	75x	as long as short
Reya ONDORUSDPERP	+0.1168%	1h	0.4307	+0.100%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3743%	1h	0.4304	+0.020%	$246K	$160K	5x	as long as short