Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.137%

Price spread now: Bitget against GMX+0.079%7-day average +0.009% · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.480%−$48 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.079%, 7d avg +0.009%

Together, before fees−0.536%−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.070% dearer against GMX than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.009%): +$7 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4317	L +0.0572% / S −0.0203%	pay 0.0072% / 1h	52m 40s	$494K	—	100x
Short	Bitget ONDOUSDT	0.4320	0.0100	get 0.0050% / 4h	52m 40s	$24.6M	$36.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$99.2
Price spread: +0.079% → +0.009%: $6.96
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$116.24
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	2.32 bp	10.2 bp −$10	14.7 bp −$147	53.5 bp −$5,345	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	−0.0176%	1h	0.4317	+0.010%	$2.5M	$7.7M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4318	+0.033%	$18K	$351K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4317	+0.009%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.824%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	+0.234%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4322	+0.131%	$347K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4322	+0.128%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4321	+0.106%	$62.5M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4317	+0.009%	$67.8M	$122.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4319	+0.056%	$17.3M	$71.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4312	−0.102%	$71K	$80K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4320	+0.074%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4321	+0.102%	$12.7M	$15.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4319	+0.056%	$43.5M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4318	+0.033%	$12.0M	$10.4M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4320	+0.079%	$24.6M	$36.8M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4320	+0.079%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4321	+0.095%	$177K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4309	−0.183%	$727K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4320	+0.090%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4326	+0.226%	$398K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4320	+0.079%	$132K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4322	+0.123%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4316	−0.014%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4317	+0.009%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4319	+0.056%	$449	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4327	+0.241%	$128K	$395K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4319	+0.056%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4319	+0.048%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4322	+0.128%	$356K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4319	+0.056%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0248%	1h	0.4322	+0.130%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4328	+0.264%	$214K	$731K	50x	as long as short
Hyperliquid ONDO	+0.0288%	1h	0.4326	+0.223%	$36.4M	$27.1M	10x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4320	+0.079%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4320	+0.079%	$3.1M	$3.2M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0572% / S −0.0203%	1h	0.4317	long leg	$494K	—	100x
Reya ONDORUSDPERP	+0.1159%	1h	0.4318	+0.025%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1598%	1h	0.4324	+0.179%	$243K	$156K	5x	as long as short