Lighter vs Ondo Perps Funding Arbitrage
28 shared markets · net of estimated fees · updated every few minutesLighter and Ondo Perps both quote 28 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is SOXL — long Ondo Perps / short Lighter at 49.3% net APR — but the median across all shared markets is 6.4%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 8 markets go long on Lighter and 20 on Ondo Perps. 14 markets clear 5% net APR, 12 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 134 markets; Ondo Perps pays every 1h on 65 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Lighter quotes 134 perpetual markets in total and Ondo Perps quotes 65; the 28 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Ondo Perps 5.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 28 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| TTWO | Ondo Perps | Lighter | 278.8% | 283.6% | +15.9% | $10K |
| SOXL | Ondo Perps | Lighter | 49.3% | 50.5% | +16.3% | $3.9M |
| SNDK | Ondo Perps | Lighter | 30.4% | 32.1% | +8.6% | $7.0M |
| LITE | Ondo Perps | Lighter | 28.0% | 30.4% | +17.9% | $126K |
| ENA | Lighter | Ondo Perps | 26.6% | 28.5% | +10.2% | $140K |
| INTC | Ondo Perps | Lighter | 24.7% | 26.9% | +6.5% | $3.1M |
| AMD | Ondo Perps | Lighter | 23.7% | 25.1% | +6.1% | $3.0M |
| NBIS | Ondo Perps | Lighter | 21.1% | 23.4% | +16.1% | $1.7M |
| GOOGL | Ondo Perps | Lighter | 18.3% | 19.9% | +8.2% | $1.7M |
| SPCX | Ondo Perps | Lighter | 17.5% | 19.0% | +5.4% | $16.1M |
| TSLA | Ondo Perps | Lighter | 14.4% | 15.5% | +4.2% | $5.9M |
| XAG | Ondo Perps | Lighter | 11.9% | 13.8% | +10.5% | $3.4M |
| XAU | Ondo Perps | Lighter | 8.9% | 10.2% | +3.0% | $51.1M |
| DRAM | Ondo Perps | Lighter | 8.2% | 10.2% | +10.5% | $2.6M |
| USDJPY | Lighter | Ondo Perps | 4.7% | 5.5% | +3.1% | $41K |
| META | Ondo Perps | Lighter | 4.5% | 5.9% | +6.9% | $10.4M |
| HYPE | Lighter | Ondo Perps | 4.3% | 5.7% | +5.4% | $1.7M |
| QQQ | Ondo Perps | Lighter | 3.1% | 4.1% | +2.1% | $721K |
| WTI | Lighter | Ondo Perps | 3.1% | 4.4% | -3.0% | $5.0M |
| CRCL | Ondo Perps | Lighter | 2.0% | 4.1% | +1.9% | $3.8M |
| AMZN | Ondo Perps | Lighter | 1.8% | 3.2% | +3.7% | $1.7M |
| CBRS | Ondo Perps | Lighter | 1.7% | 4.1% | +8.7% | $1.2M |
| OPENAI | Ondo Perps | Lighter | 1.4% | 2.5% | +6.0% | $118K |
| US100 | Lighter | Ondo Perps | 0.9% | 2.0% | +2.0% | $28.0M |
| MSFT | Lighter | Ondo Perps | 0.8% | 2.0% | -0.7% | $755K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Lighter vs Ondo Perps — FAQ
How many markets can you arbitrage between Lighter and Ondo Perps?
28 perpetual markets are quoted on both Lighter and Ondo Perps right now. 14 of them show a net spread of at least 5% APR after estimated fees, and 20 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / Ondo Perps funding spread right now?
SOXL: long Ondo Perps and short Lighter for about 49.3% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 28 shared markets is 6.4%, so the top of the list is not typical.
Which side pays on the Lighter / Ondo Perps pair?
It varies by market: Lighter is the long (funding-receiving) leg in 8 of the shared markets and Ondo Perps in the other 20. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / Ondo Perps spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Lighter funding rates · Ondo Perps funding rates; the full calculation is in the methodology.