Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h −0.043%

Price spread now: GMX against BloFin−0.133%51s7-day average −0.036% · you buy dearer than you sell

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.133%, 7d avg −0.036%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.097% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.036%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ONDO-USDT	0.4378	0.0340	pay 0.0170% / 4h	3h 08m	$3.2M	$3.1M	75x
Short	GMX ONDO/USD [ETH-USDC]	0.4372	L +0.0583% / S −0.0208%	get 0.0026% / 1h	8m 08s	$506K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$27.69
Price spread: −0.133% → −0.036%: −$9.7
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$61.4
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 5 min ago; GMX: no order-book sample. 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 BloFin live order book, 5 min ago	2.29 bp	8.3 bp −$8	14.1 bp −$141	44.7 bp −$4,475	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0175%	1h	0.4374	−0.103%	$2.5M	$7.4M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4375	−0.059%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.340%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4378	−0.002%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4375	−0.080%	$343K	$884K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4380	+0.036%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4377	−0.032%	$63.7M	$229.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4375	−0.069%	$68.5M	$119.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4378	0.000%	$17.5M	$70.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4385	+0.148%	$72K	$78K	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	0.4377	−0.031%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4374	−0.091%	$13.5M	$15.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4374	−0.091%	$44.2M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4374	−0.091%	$12.9M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4375	−0.069%	$25.4M	$35.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4376	−0.046%	—	$779K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	−0.025%	$185K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	−0.096%	$773K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4374	−0.088%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	−0.006%	$406K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4366	−0.274%	$135K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4378	−0.005%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4373	−0.114%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4376	−0.046%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4373	−0.114%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4385	+0.160%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4373	−0.114%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4375	−0.073%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4371	−0.163%	$363K	$809K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4374	−0.098%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0207%	1h	0.4374	−0.091%	$29K	$358K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4383	+0.114%	$216K	$708K	50x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4380	+0.034%	$360	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4378	0.000%	$35K	$218K	10x	as long as short
BloFin ONDO-USDTlong	+0.0340%	4h	0.4378	long leg	$3.2M	$3.1M	75x
Hyperliquid ONDO	+0.0414%	1h	0.4379	+0.025%	$36.8M	$27.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0583% / S −0.0208%	1h	0.4372	−0.133%	$506K	—	100x
Reya ONDORUSDPERP	+0.1163%	1h	0.4375	−0.063%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2949%	1h	0.4375	−0.066%	$250K	$159K	5x	as long as short