Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.027%

Price spread now: GMX against Orderly−0.022%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on GMX

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—needs both histories

Funding pays, the price is against you. GMX is 0.022% cheaper against Orderly than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 17 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ONDO_USDC	0.4336	0.0100	pay 0.0050% / 4h	41m 38s	$23K	$6K	10x
Short	GMX ONDO/USD [ETH-USDC]	0.4335	L +0.0573% / S −0.0203%	get 0.0025% / 1h	41m 38s	$496K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $21.72
Price spread: −0.022% → 0.000%: −$2.19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $1.53
Costs to cover: 0.180%
Break-even: 6.5 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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	0.4333	−0.066%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4335	−0.014%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.351%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4338	+0.037%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4333	−0.075%	$348K	$887K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4336	−0.007%	$776K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	−0.038%	$62.9M	$233.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4332	−0.092%	$68.2M	$121.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4336	0.000%	$17.3M	$71.9M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4327	−0.208%	$71K	$80K	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	0.4333	−0.075%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4332	−0.092%	$12.8M	$15.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4333	−0.069%	$44.0M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4333	−0.069%	$12.1M	$10.4M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4333	−0.069%	$24.7M	$36.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4334	−0.046%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4336	+0.002%	$177K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4338	+0.038%	$736K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4334	−0.043%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4335	−0.023%	$399K	$1.5M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4338	+0.046%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.039%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDClong	+0.0100%	4h	0.4336	long leg	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4335	−0.023%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4335	−0.023%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4344	+0.185%	$129K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4334	−0.046%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4333	−0.059%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4332	−0.096%	$358K	$798K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4338	+0.054%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4337	+0.023%	$18K	$351K	25x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4335	−0.028%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4344	+0.185%	$215K	$733K	50x	as long as short
Phoenix ONDO	+0.0315%	1h	0.4339	+0.060%	$35K	$221K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4333	−0.069%	$3.1M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0344%	1h	0.4339	+0.065%	$36.5M	$27.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0573% / S −0.0203%	1h	0.4335	−0.022%	$496K	—	100x
Reya ONDORUSDPERP	+0.1160%	1h	0.4336	−0.007%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.1573%	1h	0.4333	−0.064%	$243K	$156K	5x	as long as short