Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0249%/8h= −27.3% APRpaid last 24h −0.061%

Price spread now: BloFin against GMX+0.041%51s7-day average +0.040% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.224%−$22 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.041%, 7d avg +0.040%

Together, before fees−0.222%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. 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]	0.4578	L +0.0589% / S −0.0188%	pay 0.0074% / 1h	57m 35s	$546K	—	100x
Short	BloFin ONDO-USDT	0.4580	0.0340	get 0.0170% / 4h	3h 57m	$3.3M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$52.29
Price spread: +0.041% → +0.040%: $0.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$76.18
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 11 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 BloFin live order book, 11 min ago	1.09 bp	7.1 bp −$7	9.9 bp −$99	34.9 bp −$3,491	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	−0.0873%	1h	0.4577	−0.032%	$2.8M	$8.0M	50x	as long as short
Gate ONDO_USDT	−0.0836%	4h	0.4569	−0.199%	$12.0M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4572	−0.140%	$259K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4578	−0.003%	$33K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4578	+0.002%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.221%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4576	−0.047%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4568	−0.221%	$440K	$706K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4573	−0.121%	$40.5M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4573	−0.113%	$723K	$2.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4569	−0.207%	$68.4M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4568	−0.221%	$74.0M	$120.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4569	−0.199%	$17.7M	$79.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4564	−0.302%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4568	−0.224%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4570	−0.178%	$49.0M	$41.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4570	−0.178%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4570	−0.178%	$25.8M	$40.2M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4570	−0.178%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4582	+0.082%	$231K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4574	−0.093%	$815K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4578	−0.006%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4581	+0.062%	$423K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4577	−0.025%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4577	−0.031%	$69K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4577	−0.025%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4577	−0.025%	$476	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4586	+0.172%	$134K	$502K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4579	+0.019%	$4.6M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4570	−0.167%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4567	−0.239%	$409K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4580	+0.049%	$45K	$8K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4571	−0.167%	$376	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4585	+0.148%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4581	+0.063%	$297K	$844K	50x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4580	+0.041%	$3.3M	$3.3M	75x
Lighter ONDO	+0.0400%	1h	0.4577	−0.016%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0589% / S −0.0188%	1h	0.4578	long leg	$546K	—	100x
Reya ONDORUSDPERP	+0.1144%	1h	0.4574	−0.100%	$2K	—	20x	as long as short