Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0491%/8h= −53.8% APRpaid last 24h −0.133%

Price spread now: Phemex against GMX−0.013%7-day average +0.012% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.421%−$42 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.013%, 7d avg +0.012%

Together, before fees−0.431%−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.025% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4600	L +0.0591% / S −0.0188%	pay 0.0074% / 1h	8m 27s	$549K	—	100x
Short	Phemex ONDOUSDT	0.4599	0.0100	get 0.0050% / 4h	3h 08m	$4.5M	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$103.12
Price spread: −0.013% → +0.012%: −$2.47
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$129.58
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	12.99 bp	29.7 bp −$30	40.3 bp −$403	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	−0.0868%	1h	0.4600	+0.010%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4598	−0.028%	$260K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4600	+0.009%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.687%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4598	−0.034%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4600	+0.004%	$431K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4598	−0.034%	$68.8M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4597	−0.056%	$74.1M	$119.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4599	−0.013%	$17.6M	$77.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4593	−0.145%	$73K	$91K	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	0.4595	−0.099%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4594	−0.121%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4595	−0.100%	$49.6M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4600	+0.009%	$14.3M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4601	+0.031%	$26.1M	$38.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4596	−0.078%	—	$22.0M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4599	−0.018%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4605	+0.114%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.306%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4607	+0.161%	$172K	$335K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4601	+0.031%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4599	−0.013%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4601	+0.031%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4609	+0.205%	$135K	$492K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4599	−0.013%	$4.5M	$7.1M	50x
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4595	−0.108%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4596	−0.068%	$417K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4602	+0.063%	$40K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0105%	4h	0.4599	−0.013%	$725K	$2.1M	20x	as long as short
Backpack ONDO_USDC_PERP	+0.0118%	1h	0.4601	+0.020%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4600	+0.009%	$34K	$341K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4613	+0.292%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4600	+0.007%	$379	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4605	+0.118%	$300K	$818K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4604	+0.096%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0370%	1h	0.4604	+0.092%	$40.9M	$24.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0591% / S −0.0188%	1h	0.4600	long leg	$549K	—	100x
Lighter ONDO	+0.0672%	1h	0.4606	+0.144%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4600	+0.004%	$2K	—	20x	as long as short