Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0489%/8h= −53.5% APRpaid last 24h −0.133%

Price spread now: Binance against GMX+0.097%7-day average +0.019% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.440%−$44 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.097%, 7d avg +0.019%

Together, before fees−0.506%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.077% dearer against GMX than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of +0.019%): +$8 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4569	L +0.0589% / S −0.0188%	pay 0.0074% / 1h	5m 57s	$545K	—	100x
Short	Binance ONDOUSDT	0.4573	0.0100	get 0.0050% / 4h	5m 57s	$68.4M	$226.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.097%Rate

Funding earned: −$102.64
Price spread: +0.097% → +0.019%: $7.74
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$116.9
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 8 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 Binance live order book, 8 min ago	1.10 bp	7.5 bp −$8	12.8 bp −$128	47.8 bp −$4,777	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	−0.0798%	1h	0.4572	+0.057%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.020%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4571	+0.046%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4570	+0.027%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4568	−0.020%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4572	+0.073%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4577	+0.177%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4576	+0.149%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDTshort	+0.0100%	4h	0.4573	+0.097%	$68.4M	$226.0M	75x
Bybit ONDOUSDT	+0.0100%	4h	0.4573	+0.089%	$74.1M	$120.6M	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	0.4573	+0.089%	$17.7M	$80.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4572	+0.059%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4572	+0.059%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4570	+0.024%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4568	−0.020%	$49.0M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4572	+0.067%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4573	+0.089%	$25.8M	$40.2M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4572	+0.067%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4574	+0.102%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.023%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4566	−0.074%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4566	−0.068%	$421K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4565	−0.086%	$173K	$310K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	+0.127%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4566	−0.064%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4572	+0.067%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	+0.199%	$134K	$504K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4572	+0.067%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4572	+0.071%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4573	+0.086%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4572	+0.068%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4565	−0.081%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4575	+0.122%	$376	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4576	+0.155%	$298K	$842K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4569	+0.002%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0589% / S −0.0188%	1h	0.4569	long leg	$545K	—	100x
Lighter ONDO	+0.0672%	1h	0.4581	+0.264%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4568	−0.024%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2612%	1h	0.4570	+0.031%	$259K	$132K	5x	as long as short