Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: GMX against HTX−0.294%7-day average −0.148% · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.083%+$8 on $10k

Price spread, last 3 days (all we have)+0.338%+$34 · spread now −0.294%, 7d avg −0.148%

Together, before fees+0.422%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.146% cheaper against HTX than usual: you would sell low and buy high (spread −0.294% now, against its 7-day average of −0.148%). If the spread goes back, that is −$15 on $10k: about 5.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ONDO-USDT	0.4595	0.0100	pay 0.0050% / 4h	3m 16s	$135K	$504K	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4582	L +0.0589% / S −0.0188%	get 0.0023% / 1h	3m 16s	$547K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.294%Rate

Funding earned: $18.38
Price spread: −0.294% → −0.148%: −$14.56
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$20.17
Costs to cover: 0.240%
Break-even: 14.7 days

Slippage unknown: HTX: live order book, 10 min ago; GMX: 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 HTX live order book, 10 min ago	8.75 bp	49.6 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0796%	1h	0.4582	−0.293%	$2.8M	$8.0M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	−0.588%	$888	$216K	5.5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4583	−0.261%	$35K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4581	−0.296%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4581	−0.305%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4580	−0.316%	$439K	$705K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4586	−0.198%	$40.6M	$26.3M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4585	−0.218%	$726K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4583	−0.261%	$68.5M	$226.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4582	−0.283%	$74.3M	$120.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4581	−0.305%	$17.8M	$80.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4572	−0.509%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4582	−0.277%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4580	−0.326%	$12.0M	$18.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4584	−0.239%	$49.1M	$43.7M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4582	−0.283%	$14.2M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4583	−0.261%	$25.9M	$40.3M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4582	−0.283%	—	$739K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4585	−0.222%	$229K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4568	−0.590%	$809K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4571	−0.529%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	−0.501%	$422K	$949K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4575	−0.435%	$174K	$311K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4585	−0.220%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4583	−0.261%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4583	−0.261%	$476	$14K	10x	as long as short
HTX ONDO-USDTlong	+0.0100%	4h	0.4595	long leg	$135K	$504K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4582	−0.283%	$4.6M	$6.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4582	−0.286%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4581	−0.301%	$409K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4583	−0.252%	$45K	$8K	3x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4577	−0.394%	$38K	$257K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4586	−0.202%	$377	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4581	−0.305%	$297K	$844K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4573	−0.479%	$3.3M	$3.3M	75x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0589% / S −0.0188%	1h	0.4582	−0.294%	$547K	—	100x
Lighter ONDO	+0.0656%	1h	0.4590	−0.120%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1144%	1h	0.4582	−0.287%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.2472%	1h	0.4582	−0.287%	$259K	$132K	5x	as long as short