Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: GMX against Phemex+0.004%7-day average −0.012% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.059%+$6 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.004%, 7d avg −0.012%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4603	0.0100	pay 0.0050% / 4h	3h 10m	$4.5M	$7.1M	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4603	L +0.0591% / S −0.0188%	get 0.0023% / 1h	10m 23s	$550K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $18.38
Price spread: +0.004% → −0.012%: $1.6
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$4.02
Costs to cover: 0.240%
Break-even: 8.5 days

Slippage unknown: Phemex: live order book, 4 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 Phemex live order book, 4 min ago	12.99 bp	22.4 bp −$22	31.1 bp −$311	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	−0.0868%	1h	0.4601	−0.042%	$2.8M	$7.9M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4607	+0.083%	$261K	$131K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4603	0.000%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	−0.760%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4603	0.000%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4609	+0.136%	$432K	$706K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4606	+0.065%	$69.0M	$220.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4604	+0.022%	$74.2M	$119.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4603	0.000%	$17.6M	$77.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4625	+0.482%	$73K	$92K	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	0.4607	+0.079%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4605	+0.043%	$12.1M	$16.8M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4607	+0.087%	$49.8M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4607	+0.087%	$14.3M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4603	0.000%	$26.2M	$38.7M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4606	+0.065%	—	$744K	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4599	−0.093%	$817K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4615	+0.268%	$5K	$321K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4614	+0.231%	$426K	$967K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4616	+0.282%	$172K	$336K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4610	+0.143%	$74K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4609	+0.130%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4602	−0.022%	$478	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4613	+0.217%	$135K	$492K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4603	long leg	$4.5M	$7.1M	50x
Aster ONDOUSDT	+0.0101%	4h	0.4610	+0.156%	$727K	$2.1M	20x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4608	+0.116%	$7K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4601	−0.039%	$417K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4606	+0.060%	$40K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0118%	1h	0.4598	−0.113%	$232K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0185%	1h	0.4604	+0.022%	$34K	$342K	25x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4613	+0.217%	$38K	$248K	10x	as long as short
01 Exchange ONDOUSD	+0.0280%	1h	0.4612	+0.204%	$380	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4605	+0.043%	$300K	$818K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4603	0.000%	$3.3M	$3.0M	75x	as long as short
Hyperliquid ONDO	+0.0367%	1h	0.4611	+0.180%	$41.0M	$25.1M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0591% / S −0.0188%	1h	0.4603	+0.004%	$550K	—	100x
Lighter ONDO	+0.0664%	1h	0.4611	+0.165%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1146%	1h	0.4607	+0.082%	$2K	—	20x	as long as short