Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0490%/8h= −53.7% APRpaid last 24h −0.132%

Price spread now: HTX against GMX+0.246%7-day average +0.147% · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.433%−$43 on $10k

Price spread, last 3 days (all we have)−0.308%−$31 · spread now +0.246%, 7d avg +0.147%

Together, before fees−0.740%−$74 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.099% dearer against GMX than usual: you sell high and buy low (spread +0.246% now, against its 7-day average of +0.147%): +$10 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4611	L +0.0590% / S −0.0187%	pay 0.0074% / 1h	18m 50s	$550K	—	100x
Short	HTX ONDO-USDT	0.4622	0.0100	get 0.0050% / 4h	1h 18m	$134K	$511K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.246%Rate

Funding earned: −$102.91
Price spread: +0.246% → +0.147%: $9.91
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$117
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 65 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 HTX live order book, 65 min ago	11.04 bp	19.2 bp −$19	doesn't fit	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	−0.0349%	1h	0.4609	−0.036%	$2.8M	$7.8M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4611	+0.008%	$42K	$422K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4611	+0.010%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4611	+0.008%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4612	+0.040%	$435K	$703K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4612	+0.029%	$737K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4609	−0.036%	$68.3M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4608	−0.057%	$75.8M	$121.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4607	−0.079%	$18.0M	$82.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4588	−0.498%	$75K	$88K	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	0.4609	−0.043%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4607	−0.079%	$12.1M	$18.5M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4609	−0.036%	$49.7M	$44.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4609	−0.036%	$13.9M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4608	−0.057%	$26.2M	$41.9M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4609	−0.036%	—	$743K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4604	−0.146%	$787K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	−0.121%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4605	−0.133%	$425K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	−0.079%	$165K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4613	+0.056%	$72K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4612	+0.029%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4613	+0.051%	$479	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4622	+0.246%	$134K	$511K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4610	−0.014%	$4.8M	$6.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	−0.055%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4609	−0.044%	$411K	$857K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4615	+0.085%	$45K	$8K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0127%	1h	0.4614	+0.069%	$238K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4608	−0.046%	$29K	$219K	10x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.925%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4607	−0.079%	$302K	$876K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4612	+0.029%	$3.2M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0416%	1h	0.4617	+0.138%	$380	$2K	10x	as long as short
Hyperliquid ONDO	+0.0422%	1h	0.4615	+0.086%	$41.4M	$26.4M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0590% / S −0.0187%	1h	0.4611	long leg	$550K	—	100x
Lighter ONDO	+0.0712%	1h	0.4622	+0.240%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1141%	1h	0.4613	+0.043%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4032%	1h	0.4605	−0.114%	$261K	$129K	5x	as long as short