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 KuCoin−0.152%7-day average −0.021% · you buy dearer than you sell

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

Long on KuCoin 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)+0.122%+$12 · spread now −0.152%, 7d avg −0.021%

Together, before fees+0.205%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.131% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.021%). If the spread goes back, that is −$13 on $10k: about 5.0 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	KuCoin ONDOUSDTM	0.4553	0.0100	pay 0.0050% / 4h	26m 51s	$14.1M	$11.1M	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4546	L +0.0587% / S −0.0188%	get 0.0023% / 1h	26m 51s	$543K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.152%Rate

Funding earned: $18.38
Price spread: −0.152% → −0.021%: −$13.06
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$18.68
Costs to cover: 0.240%
Break-even: 14.1 days

Slippage unknown: KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	1.10 bp	19.6 bp −$20	49.9 bp −$499	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	−0.0802%	1h	0.4546	−0.158%	$2.8M	$8.1M	50x	as long as short
Injective ONDO/USDC PERP	−0.0545%	1h	0.4568	+0.329%	$888	$216K	5.5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4546	−0.150%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4546	−0.154%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4543	−0.220%	$437K	$710K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4555	+0.034%	$722K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4551	−0.044%	$68.1M	$227.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4550	−0.066%	$73.7M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4549	−0.088%	$17.6M	$80.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4549	−0.094%	$74K	$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	0.4543	−0.231%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4548	−0.110%	$11.9M	$18.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4552	−0.022%	$48.8M	$43.6M	200x	as long as short
KuCoin ONDOUSDTMlong	+0.0100%	4h	0.4553	long leg	$14.1M	$11.1M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4552	−0.022%	$25.7M	$41.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4551	−0.044%	—	$22.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4555	+0.035%	$230K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4542	−0.242%	$779K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4545	−0.175%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4544	−0.207%	$419K	$960K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4546	−0.154%	$172K	$312K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4548	−0.103%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4548	−0.110%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4547	−0.132%	$473	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4555	+0.044%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4551	−0.044%	$4.6M	$6.8M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4543	−0.227%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4550	−0.062%	$407K	$844K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4550	−0.067%	$44K	$8K	3x	as long as short
Hyperliquid ONDO	+0.0157%	1h	0.4553	+0.011%	$40.3M	$26.6M	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4547	−0.125%	$38K	$257K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0304%	1h	0.4548	−0.110%	$297K	$843K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4546	−0.154%	$3.3M	$3.2M	75x	as long as short
01 Exchange ONDOUSD	+0.0344%	1h	0.4547	−0.134%	$374	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0410%	1h	0.4550	−0.066%	$36K	$436K	25x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0587% / S −0.0188%	1h	0.4546	−0.152%	$543K	—	100x
Lighter ONDO	+0.0800%	1h	0.4559	+0.136%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1143%	1h	0.4546	−0.155%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4042%	1h	0.4543	−0.220%	$257K	$132K	5x	as long as short