Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0067%/8h= −7.4% APRpaid last 24h −0.138%

Price spread now: Aster against GMX+0.221%181s7-day average +0.065% · you sell dearer than you buy

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.493%−$49 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.221%, 7d avg +0.065%

Together, before fees−0.641%+ Points / potential airdropAster: Stage 5 · farm board−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.156% dearer against GMX than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of +0.065%): +$16 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.7 days. At the pace of the last 4 days (−0.493% in total) that is about 27 hours. The two prices were read 181 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4295	L +0.0167% / S +0.0190%	pay 0.0021% / 1h	8m 25s	$327K	—	100x
Short	Aster ONDOUSDT	0.4304	0.0100	get 0.0050% / 4h	1h 08m	$761K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee AsterbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$14.11
Price spread: +0.221% → +0.065%: $15.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$18.52
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 3 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 3 min ago	1.16 bp	10.3 bp −$10	34.9 bp −$349	doesn't fit	doesn't fit

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 exchanges

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	−0.0327%	1h	0.4302	+0.164%	$2.5M	$6.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4300	+0.116%	$7K	—	150x	as long as short
Bybit ONDOUSDT	+0.0028%	4h	0.4301	+0.151%	$66.5M	$113.9M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.368%	$888	$215K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4303	+0.188%	$354	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4308	+0.304%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4301	+0.151%	$23K	$7K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4300	+0.133%	$332K	$819K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4304	+0.221%	$36.2M	$26.3M	10x	as long as short
Aster ONDOUSDTshort	+0.0100%	4h	0.4304	+0.221%	$761K	$2.8M	20x

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ONDOUSDT	+0.0100%	4h	0.4302	+0.174%	$62.1M	$215.2M	75x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4302	+0.174%	$17.2M	$66.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4291	−0.092%	$68K	$67K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4301	+0.142%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4301	+0.151%	$13.9M	$13.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4302	+0.174%	$43.7M	$41.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4302	+0.174%	$13.0M	$9.3M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4303	+0.197%	$24.8M	$31.8M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4301	+0.151%	—	$781K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4303	+0.195%	$180K	$980K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4289	−0.118%	$616K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4293	−0.031%	$5K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4294	−0.012%	$405K	$2.1M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4291	−0.082%	$85K	$350K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4302	+0.179%	$55K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4301	+0.151%	—	$1.2M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4302	+0.174%	$447	$17K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4304	+0.221%	$106K	$444K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4301	+0.151%	$4.1M	$8.4M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4302	+0.178%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4301	+0.141%	$348K	$761K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4304	+0.220%	$37K	$13K	3x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0167% / S +0.0190%	1h	0.4295	long leg	$327K	—	100x
Deribit ONDO_USDC-PERPETUAL	+0.0215%	1h	0.4302	+0.174%	$21K	$354K	25x	as long as short
Phoenix ONDO	+0.0221%	1h	0.4302	+0.174%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4305	+0.244%	$212K	$559K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4301	+0.151%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1167%	1h	0.4301	+0.145%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3731%	1h	0.4299	+0.106%	$246K	$160K	5x	as long as short