Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0486%/8h= −53.3% APRpaid last 24h −0.133%

Price spread now: Paradex against GMX−0.042%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Paradex is 0.042% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4572	L +0.0587% / S −0.0188%	pay 0.0073% / 1h	47m 41s	$546K	—	100x
Short	Paradex ONDO-USD-PERP	0.4570	0.0101	get 0.0101% / 8h	47m 41s	$7K	$9	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$102.14
Price spread: −0.042% → 0.000%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$122.38
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.0798%	1h	0.4573	+0.020%	$2.9M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.082%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4572	+0.009%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4573	+0.027%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4569	−0.060%	$431K	$706K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4574	+0.039%	$724K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4572	+0.002%	$68.4M	$227.3M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4571	−0.016%	$74.1M	$122.7M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4571	−0.016%	$17.8M	$81.2M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4566	−0.132%	$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	0.4569	−0.069%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4568	−0.082%	$12.0M	$18.0M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4571	−0.016%	$49.3M	$43.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4572	+0.005%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4570	−0.038%	$25.9M	$41.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4570	−0.038%	—	$22.2M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4587	+0.332%	$789K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4590	+0.396%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4590	+0.401%	$434K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4588	+0.355%	$174K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4575	+0.062%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4575	+0.071%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4573	+0.027%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4585	+0.290%	$133K	$503K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4574	+0.049%	$4.7M	$6.7M	50x	as long as short
Paradex ONDO-USD-PERPshort	+0.0101%	8h	0.4570	−0.042%	$7K	$9	10x
Extended ONDO-USD	+0.0104%	1h	0.4569	−0.051%	$409K	$846K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4576	+0.082%	$44K	$8K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0187%	1h	0.4574	+0.049%	$36K	$436K	25x	as long as short
Backpack ONDO_USDC_PERP	+0.0200%	1h	0.4575	+0.073%	$231K	$1.0M	15x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4578	+0.148%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4599	+0.596%	$302K	$859K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4576	+0.093%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0368%	1h	0.4577	+0.119%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0472%	1h	0.4572	−0.003%	$376	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0587% / S −0.0188%	1h	0.4572	long leg	$546K	—	100x
Lighter ONDO	+0.1024%	1h	0.4582	+0.215%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4573	+0.024%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.6990%	1h	0.4570	−0.045%	$259K	$129K	5x	as long as short