Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h −0.133%

Price spread now: Bybit against GMX+0.084%7-day average −0.033% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.463%−$46 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.084%, 7d avg −0.033%

Together, before fees−0.535%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.117% dearer against GMX than usual: you sell high and buy low (spread +0.084% now, against its 7-day average of −0.033%): +$12 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4599	L +0.0592% / S −0.0188%	pay 0.0074% / 1h	17m 12s	$549K	—	100x
Short	Bybit ONDOUSDT	0.4603	0.0100	get 0.0050% / 4h	3h 17m	$74.2M	$119.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$103.31
Price spread: +0.084% → −0.033%: $11.71
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$114.59
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.09 bp	7.1 bp −$7	14.0 bp −$140	50.0 bp −$5,000	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	−0.0868%	1h	0.4601	+0.051%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4600	+0.025%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4599	−0.002%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.677%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4599	−0.003%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4605	+0.133%	$432K	$709K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4604	+0.106%	$734K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4603	+0.090%	$69.0M	$221.7M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4603	+0.084%	$74.2M	$119.1M	50x
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4599	−0.003%	$17.6M	$78.1M	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	0.4593	−0.125%	$73K	$91K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4605	+0.122%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4602	+0.062%	$12.1M	$16.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4605	+0.128%	$49.7M	$41.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4606	+0.149%	$14.3M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4600	+0.019%	$26.1M	$38.8M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4599	−0.003%	—	$22.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4604	+0.104%	$231K	$999K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4605	+0.122%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4606	+0.142%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4603	+0.084%	$432K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4604	+0.106%	$172K	$349K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4608	+0.197%	$73K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4607	+0.171%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	+0.062%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4611	+0.258%	$135K	$492K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4600	+0.019%	$4.5M	$7.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4605	+0.136%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4601	+0.036%	$417K	$826K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	+0.062%	$40K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4602	+0.062%	$34K	$346K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4588	−0.238%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0256%	1h	0.4608	+0.191%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4617	+0.389%	$299K	$819K	50x	as long as short
Hyperliquid ONDO	+0.0334%	1h	0.4611	+0.252%	$41.0M	$25.1M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4602	+0.062%	$3.3M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0592% / S −0.0188%	1h	0.4599	long leg	$549K	—	100x
Lighter ONDO	+0.0640%	1h	0.4611	+0.262%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4604	+0.112%	$2K	—	20x	as long as short