Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.025%

Price spread now: GMX against SunX−0.120%7-day average +0.003% · you buy dearer than you sell

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.078%+$8 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.120%, 7d avg +0.003%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.124% cheaper against SunX than usual: you would sell low and buy high (spread −0.120% now, against its 7-day average of +0.003%). If the spread goes back, that is −$12 on $10k: about 4.0 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	SunX ONDO-USDT	0.4528	0.0100	pay 0.0050% / 4h	2h 34m	—	$1.4M	20x
Short	GMX ONDO/USD [ETH-USDC]	0.4523	L +0.0618% / S −0.0203%	get 0.0025% / 1h	34m 03s	$562K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now −0.120%Rate

Funding earned: $21.64
Price spread: −0.120% → +0.003%: −$12.35
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$10.71
Costs to cover: 0.200%
Break-even: 10.5 days

Slippage unknown: SunX: 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 SunX live order book, 10 min ago	47.62 bp	70.9 bp −$71	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	−0.1124%	1h	0.4523	−0.103%	$3.0M	$7.6M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4522	−0.133%	$19K	$364K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4522	−0.121%	$6K	—	150x	as long as short
Phoenix ONDO	+0.0018%	1h	0.4521	−0.159%	$29K	$222K	10x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4522	−0.133%	$1K	$132K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4522	−0.133%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4524	−0.094%	$425K	$677K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4527	−0.026%	$759K	$2.0M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4528	−0.004%	$66.6M	$219.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4529	+0.022%	$73.5M	$117.9M	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	0.4529	+0.022%	$17.7M	$80.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4531	+0.062%	$72K	$85K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4522	−0.125%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4525	−0.066%	$11.8M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4525	−0.066%	$47.7M	$45.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4520	−0.177%	$13.8M	$10.6M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4528	0.000%	$25.5M	$41.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4525	−0.066%	—	$746K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4528	+0.004%	$195K	$970K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4528	+0.008%	$791K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4518	−0.221%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4536	+0.176%	$418K	$936K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4536	+0.177%	$160K	$330K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4522	−0.121%	$80K	$1.0M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4528	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4522	−0.133%	$470	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4536	+0.177%	$126K	$512K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4521	−0.155%	$4.8M	$6.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4525	−0.056%	$6K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4521	−0.155%	$403K	$990K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4525	−0.070%	$36K	—	3x	as long as short
Hyperliquid ONDO	+0.0174%	1h	0.4529	+0.029%	$40.8M	$27.5M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4534	+0.133%	$305K	$841K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4538	+0.221%	$3.2M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0424%	1h	0.4527	−0.013%	$373	$2K	10x	as long as short
Lighter ONDO	+0.0512%	1h	0.4530	+0.033%	$1.4M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0618% / S −0.0203%	1h	0.4523	−0.120%	$562K	—	100x
Reya ONDORUSDPERP	+0.1138%	1h	0.4525	−0.066%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.9791%	1h	0.4528	−0.005%	$256K	$123K	5x	as long as short