Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0483%/8h= −52.9% APRpaid last 24h −0.144%

Price spread now: BingX against GMX+0.133%7-day average +0.002% · you sell dearer than you buy

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.489%−$49 on $10k

Price spread, last 4 days (all we have)−0.168%−$17 · spread now +0.133%, 7d avg +0.002%

Together, before fees−0.658%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.131% dearer against GMX than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.002%): +$13 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4348	L +0.0583% / S −0.0208%	pay 0.0073% / 1h	22m 42s	$503K	—	100x
Short	BingX ONDO-USDC	0.4354	0.0100	get 0.0050% / 4h	3h 22m	—	$779K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$101.45
Price spread: +0.133% → +0.002%: $13.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$110.35
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 21 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 BingX live order book, 21 min ago	2.31 bp	53.9 bp −$54	107.4 bp −$1,074	717.6 bp −$71.8K	996.2 bp −$498.1K

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	−0.0176%	1h	0.4350	+0.039%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4346	−0.051%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.055%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4356	+0.175%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4343	−0.114%	$343K	$888K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4357	+0.200%	$766K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4355	+0.145%	$63.5M	$232.4M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4352	+0.087%	$68.0M	$121.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4353	+0.110%	$17.4M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	−0.904%	$71K	$79K	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	0.4354	+0.141%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4353	+0.110%	$13.4M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4353	+0.110%	$43.7M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4351	+0.064%	$12.2M	$10.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4355	+0.156%	$25.2M	$36.3M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4354	+0.133%	—	$779K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4351	+0.062%	$181K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4300	−1.116%	$676K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4313	−0.819%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4314	−0.787%	$400K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4310	−0.879%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4341	−0.154%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4348	−0.005%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4351	+0.064%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4351	+0.064%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4357	+0.202%	$129K	$368K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4349	+0.018%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4354	+0.131%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4354	+0.142%	$361K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4352	+0.085%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0210%	1h	0.4351	+0.064%	$28K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4340	−0.189%	$214K	$717K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4344	−0.092%	$358	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4330	−0.421%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4348	−0.005%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0481%	1h	0.4355	+0.156%	$36.5M	$27.6M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0583% / S −0.0208%	1h	0.4348	long leg	$503K	—	100x
Reya ONDORUSDPERP	+0.1163%	1h	0.4344	−0.091%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3436%	1h	0.4351	+0.057%	$249K	$159K	5x	as long as short