Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.130%

Price spread now: Lighter against Variational Omni+0.281%7-day average +0.116% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.237%+$24 on $10k

Price spread, last 4 days (all we have)−0.848%−$85 · spread now +0.281%, 7d avg +0.116%

Together, before fees−0.611%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$61 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 0.165% dearer against Variational Omni than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ONDO	0.4292	0.0100	pay 0.0050% / 4h	20m 14s	$673K	$1.9M	—
Short	Lighter ONDO	0.4304	0.0096	get 0.0012% / 1h	20m 14s	$1.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.281%Rate

Funding earned: −$0.84
Price spread: +0.281% → +0.116%: $16.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.66
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 12 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 4 min ago	4.66 bp	doesn't fit	11.6 bp −$116	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	3.13 bp	9.7 bp −$10	28.0 bp −$280	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	−0.0177%	1h	0.4298	+0.153%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4299	+0.166%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.437%	$888	$216K	5.5x	as long as short
Lighter ONDOshort	+0.0096%	1h	0.4304	+0.281%	$1.1M	$2.3M	10x
Nado ONDO-PERP	+0.0100%	1h	0.4297	+0.128%	$344K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4302	+0.228%	$749K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4302	+0.246%	$62.6M	$233.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4300	+0.192%	$67.6M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4301	+0.216%	$17.2M	$71.4M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4293	+0.036%	$71K	$80K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4297	+0.129%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4296	+0.099%	$12.9M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4301	+0.216%	$43.6M	$42.5M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4300	+0.192%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4301	+0.216%	$24.6M	$36.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4301	+0.216%	—	$777K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4301	+0.218%	$173K	$997K	15x	as long as short
Variational Omni ONDOlong	+0.0100%	4h	0.4292	long leg	$673K	$1.9M	—
edgeX ONDOUSDC	+0.0100%	4h	0.4302	+0.235%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4299	+0.158%	$396K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4302	+0.239%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4298	+0.155%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4297	+0.122%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4298	+0.146%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4300	+0.192%	$2K	$15K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4306	+0.332%	$128K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4301	+0.216%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4296	+0.104%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4298	+0.154%	$352K	$802K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4302	+0.250%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0232%	1h	0.4299	+0.178%	$354	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4313	+0.495%	$213K	$730K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4310	+0.428%	$35K	$221K	10x	as long as short
Hyperliquid ONDO	+0.0337%	1h	0.4301	+0.223%	$36.3M	$27.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4300	+0.192%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0448%	1h	0.4301	+0.216%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0571% / S −0.0203%	1h	0.4299	+0.165%	$491K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1161%	1h	0.4297	+0.134%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1671%	1h	0.4296	+0.103%	$241K	$156K	5x	as long as short