Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0488%/8h= −53.5% APRpaid last 24h −0.153%

Price spread now: GRVT against GMX+0.109%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 GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.453%−$45 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now +0.109%, 7d avg −0.002%

Together, before fees−0.585%+ Points / potential airdropGRVT: Active · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.111% dearer against GMX than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of −0.002%): +$11 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4590	L +0.0588% / S −0.0188%	pay 0.0074% / 1h	52m 41s	$548K	—	100x
Short	GRVT ONDO_USDT_Perp	0.4595	0.0100	get 0.0050% / 4h	52m 41s	$424K	$947K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$102.56
Price spread: +0.109% → −0.002%: $11.09
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$112.48
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 25 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 GRVT live order book, 25 min ago	7.60 bp	18.8 bp −$19	39.7 bp −$397	doesn't fit	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	−0.0794%	1h	0.4591	+0.019%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.482%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4590	+0.003%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4590	−0.003%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4595	+0.106%	$433K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4594	+0.084%	$725K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4593	+0.053%	$68.5M	$227.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4590	−0.003%	$74.5M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4590	−0.003%	$17.9M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4591	+0.023%	$75K	$89K	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	0.4594	+0.076%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4589	−0.025%	$12.1M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4592	+0.041%	$49.5M	$43.1M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4591	+0.019%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4593	+0.063%	$26.1M	$41.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4592	+0.041%	—	$742K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4601	+0.234%	$790K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4603	+0.287%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perpshort	+0.0100%	4h	0.4595	+0.109%	$424K	$947K	10x
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4590	−0.003%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4597	+0.161%	$70K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4596	+0.128%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4591	+0.019%	$477	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4608	+0.389%	$134K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4591	+0.019%	$4.8M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4590	+0.001%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4592	+0.032%	$411K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4595	+0.099%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4593	+0.056%	$38K	$257K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0253%	1h	0.4593	+0.073%	$232K	$1.0M	15x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.193%	$302K	$861K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4592	+0.041%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4596	+0.130%	$40.7M	$26.8M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0404%	1h	0.4592	+0.041%	$36K	$436K	25x	as long as short
01 Exchange ONDOUSD	+0.0512%	1h	0.4598	+0.176%	$378	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0588% / S −0.0188%	1h	0.4590	long leg	$548K	—	100x
Lighter ONDO	+0.1000%	1h	0.4600	+0.224%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4594	+0.092%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6608%	1h	0.4590	+0.006%	$260K	$129K	5x	as long as short