Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.155%

Price spread now: Lighter against SunX+0.064%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$155as in the Price arb table

costs, in and out, $10k−$1501.496% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.207%+$21 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now +0.064%, 7d avg +0.117%

Together, before fees+0.239%+ Points / potential airdropLighter: Season 3 · farm board+$24 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: Lighter is 0.052% cheaper against SunX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4359	0.0100	pay 0.0050% / 4h	3h 23m	—	$1.4M	20x
Short	Lighter ONDO	0.4362	0.0096	get 0.0012% / 1h	23m 59s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$0.84
Price spread: +0.064% → +0.117%: −$5.23
Slippage, 4 orders: −$141.62
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$155.68
Costs to cover: 1.496%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Lighter: 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 SunX live order book, 10 min ago	46.85 bp	67.1 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	3.77 bp	11.1 bp −$11	24.2 bp −$242	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	−0.0161%	1h	0.4356	−0.076%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4358	−0.027%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.795%	$888	$216K	5.5x	as long as short
dYdX ONDO-USD	+0.0059%	1h	0.4360	+0.027%	$247K	$129K	5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4362	+0.064%	$1.1M	$2.4M	10x
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4357	−0.046%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4361	+0.040%	$360K	$841K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4356	−0.063%	$62.9M	$230.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4355	−0.092%	$67.7M	$124.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	−0.138%	$17.1M	$72.1M	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	0.4372	+0.294%	$72K	$84K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4360	+0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4357	−0.046%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4357	−0.046%	$43.1M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4357	−0.046%	$12.6M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4354	−0.115%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4359	0.000%	—	$761K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4358	−0.021%	$183K	$980K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4364	+0.108%	$713K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	+0.226%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4379	+0.459%	$411K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4368	+0.206%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4360	+0.011%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4359	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4359	0.000%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4377	+0.413%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4360	+0.023%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4359	−0.005%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4353	−0.142%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4360	+0.011%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4361	+0.050%	$359	$2K	10x	as long as short
Aster ONDOUSDT	+0.0171%	4h	0.4359	0.000%	$787K	$2.6M	20x	as long as short
Hyperliquid ONDO	+0.0207%	1h	0.4361	+0.053%	$37.4M	$24.4M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4368	+0.206%	$248K	$725K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4377	+0.411%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4365	+0.138%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4359	0.000%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0556% / S −0.0193%	1h	0.4357	−0.037%	$485K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4359	−0.008%	$2K	—	20x	as long as short