Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0483%/8h= −52.9% APRpaid last 24h −0.144%

Price spread now: SunX against GMX+0.087%7-day average +0.008% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.489%−$49 on $10k

Price spread, last 4 days (all we have)−0.273%−$27 · spread now +0.087%, 7d avg +0.008%

Together, before fees−0.763%−$76 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.079% dearer against GMX than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.008%): +$8 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4372	L +0.0583% / S −0.0208%	pay 0.0073% / 1h	7m 55s	$506K	—	100x
Short	SunX ONDO-USDT	0.4376	0.0100	get 0.0050% / 4h	3h 07m	—	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$101.45
Price spread: +0.087% → +0.008%: $7.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$113.53
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 6 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 SunX live order book, 6 min ago	46.93 bp	67.7 bp −$68	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	−0.0175%	1h	0.4374	+0.030%	$2.5M	$7.4M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4375	+0.074%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.479%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4378	+0.131%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4375	+0.053%	$343K	$884K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4382	+0.226%	$764K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4380	+0.185%	$63.8M	$229.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4378	+0.133%	$68.5M	$119.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4380	+0.179%	$17.5M	$70.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4385	+0.282%	$72K	$78K	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	0.4377	+0.102%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4377	+0.110%	$13.6M	$15.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4379	+0.156%	$44.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4378	+0.133%	$12.9M	$10.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4381	+0.202%	$25.5M	$35.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4379	+0.156%	—	$23.0M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4377	+0.108%	$185K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4374	+0.037%	$773K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4374	+0.045%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	+0.127%	$406K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4366	−0.141%	$135K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4378	+0.129%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4373	+0.019%	$24K	$6K	10x	as long as short
SunX ONDO-USDTshort	+0.0100%	4h	0.4376	+0.087%	—	$1.3M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4373	+0.019%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4385	+0.293%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4373	+0.019%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4375	+0.060%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4378	+0.136%	$363K	$809K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4374	+0.035%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0207%	1h	0.4374	+0.042%	$29K	$358K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4383	+0.247%	$216K	$708K	50x	as long as short
01 Exchange ONDOUSD	+0.0264%	1h	0.4380	+0.167%	$360	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4378	+0.133%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4378	+0.133%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0414%	1h	0.4379	+0.158%	$36.8M	$27.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0583% / S −0.0208%	1h	0.4372	long leg	$506K	—	100x
Reya ONDORUSDPERP	+0.1163%	1h	0.4375	+0.070%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2949%	1h	0.4375	+0.067%	$250K	$159K	5x	as long as short