Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0453%/8h= −49.6% APRpaid last 24h −0.131%

Price spread now: MEXC against GMX+0.049%7-day average +0.003% · you sell dearer than you buy

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

Long on GMX Short on MEXC

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 4 days (all we have)−0.093%−$9 · spread now +0.049%, 7d avg +0.003%

Together, before fees−0.557%−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.046% dearer against GMX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.003%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4409	L +0.0553% / S −0.0190%	pay 0.0069% / 1h	51m 40s	$487K	—	100x
Short	MEXC ONDO_USDT	0.4411	0.0100	get 0.0050% / 4h	3h 51m	$43.9M	$41.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$95.03
Price spread: +0.049% → +0.003%: $4.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$102.41
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: 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 MEXC live order book, 2 min ago	1.13 bp	1.1 bp −$1	4.5 bp −$45	21.9 bp −$2,186	112.3 bp −$56.2K

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	−0.0159%	1h	0.4407	−0.051%	$2.6M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4407	−0.037%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4410	+0.023%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.610%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4416	+0.155%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4409	+0.003%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4412	+0.066%	$364K	$847K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4408	−0.019%	$63.7M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4406	−0.065%	$68.4M	$126.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4408	−0.019%	$17.3M	$73.5M	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	0.4414	+0.121%	$73K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	+0.016%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4410	+0.026%	$11.7M	$16.0M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4411	+0.049%	$43.9M	$41.5M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	+0.071%	$12.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4411	+0.049%	$25.3M	$40.0M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4412	+0.071%	—	$764K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4411	+0.044%	$186K	$983K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4390	−0.434%	$716K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4399	−0.222%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	−0.396%	$414K	$1.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4398	−0.246%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4412	+0.083%	$68K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4409	+0.003%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4409	+0.003%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4418	+0.208%	$131K	$434K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4408	−0.019%	$4.3M	$7.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0102%	8h	0.4408	−0.024%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4412	+0.066%	$397K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4411	+0.044%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0184%	1h	0.4412	+0.076%	$363	$2K	10x	as long as short
Aster ONDOUSDT	+0.0234%	4h	0.4411	+0.059%	$763K	$2.5M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4412	+0.071%	$272K	$733K	50x	as long as short
Hyperliquid ONDO	+0.0321%	1h	0.4415	+0.144%	$38.0M	$24.6M	10x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4398	−0.246%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4411	+0.049%	$3.1M	$3.1M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0431%	1h	0.4410	+0.026%	$18K	$367K	25x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0553% / S −0.0190%	1h	0.4409	long leg	$487K	—	100x
Reya ONDORUSDPERP	+0.1153%	1h	0.4413	+0.088%	$2K	—	20x	as long as short