Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0518%/8h= −56.7% APRpaid last 24h −0.132%

Price spread now: Aster against GMX+0.079%51s7-day average +0.056% · you sell dearer than you buy

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.421%−$42 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now +0.079%, 7d avg +0.056%

Together, before fees−0.371%+ Points / potential airdropAster: Stage 5 · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.023% dearer against GMX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.056%): +$2 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4 hours. 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	GMX ONDO/USD [ETH-USDC]	0.4518	L +0.0618% / S −0.0203%	pay 0.0077% / 1h	38m 29s	$562K	—	100x
Short	Aster ONDOUSDT	0.4522	0.0100	get 0.0050% / 4h	2h 38m	$757K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$108.79
Price spread: +0.079% → +0.056%: $2.31
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$126.48
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 5 min ago	1.11 bp	8.1 bp −$8	37.0 bp −$370	doesn't fit	doesn't fit

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	−0.1126%	1h	0.4518	−0.004%	$3.0M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4518	−0.010%	$29K	$354K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4519	+0.002%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4524	+0.119%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4416	−2.267%	$994	$82K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4518	−0.010%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4523	+0.106%	$427K	$674K	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4522	+0.079%	$757K	$2.0M	20x
Binance ONDOUSDT	+0.0100%	4h	0.4524	+0.123%	$66.6M	$219.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4523	+0.101%	$73.4M	$117.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4523	+0.101%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4513	−0.116%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4524	+0.126%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4521	+0.057%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4522	+0.079%	$47.7M	$45.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4519	+0.012%	$13.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4524	+0.123%	$25.5M	$41.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4523	+0.101%	—	$743K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4517	−0.023%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4520	+0.024%	$797K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4522	+0.079%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4523	+0.100%	$417K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4521	+0.057%	$159K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4519	+0.008%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4515	−0.076%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4517	−0.032%	$469	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4520	+0.035%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4516	−0.054%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4523	+0.090%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4523	+0.102%	$404K	$987K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4520	+0.035%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0117%	1h	0.4524	+0.132%	$40.7M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4530	+0.256%	$304K	$840K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4515	−0.076%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0432%	1h	0.4528	+0.214%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0480%	1h	0.4528	+0.214%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0618% / S −0.0203%	1h	0.4518	long leg	$562K	—	100x
Reya ONDORUSDPERP	+0.1138%	1h	0.4519	+0.023%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.0556%	1h	0.4519	+0.007%	$256K	$123K	5x	as long as short