Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.058%

Price spread now: BloFin against GMX+0.091%7-day average +0.035% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.240%−$24 on $10k

Price spread, last 4 days (all we have)−0.078%−$8 · spread now +0.091%, 7d avg +0.035%

Together, before fees−0.318%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.055% dearer against GMX than usual: you sell high and buy low (spread +0.091% now, against its 7-day average of +0.035%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4335	L +0.0573% / S −0.0203%	pay 0.0072% / 1h	15m 13s	$496K	—	100x
Short	BloFin ONDO-USDT	0.4339	0.0340	get 0.0170% / 4h	1h 15m	$3.1M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$48.98
Price spread: +0.091% → +0.035%: $5.55
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$67.43
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 8 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 BloFin live order book, 8 min ago	1.15 bp	9.5 bp −$9	13.9 bp −$139	36.3 bp −$3,633	127.3 bp −$63.7K

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	−0.0146%	1h	0.4338	+0.070%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4336	+0.015%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0014%	1h	0.4339	+0.081%	$244K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.373%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4344	+0.208%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	+0.125%	$348K	$892K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	+0.114%	$780K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4341	+0.126%	$62.8M	$234.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4339	+0.091%	$68.0M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4341	+0.137%	$17.3M	$72.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4336	+0.017%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4338	+0.069%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4337	+0.045%	$12.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4340	+0.114%	$43.7M	$42.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4339	+0.091%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4341	+0.137%	$24.8M	$37.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4341	+0.137%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4341	+0.132%	$176K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4339	+0.085%	$723K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4340	+0.125%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4341	+0.131%	$403K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4342	+0.160%	$133K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4340	+0.107%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4337	+0.045%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4339	+0.091%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4341	+0.137%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4348	+0.298%	$129K	$399K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4339	+0.091%	$4.2M	$8.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4339	+0.084%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4339	+0.096%	$358K	$810K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4342	+0.150%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0209%	1h	0.4344	+0.215%	$36.5M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0224%	1h	0.4342	+0.164%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.160%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4344	+0.194%	$35K	$223K	10x	as long as short
BloFin ONDO-USDTshort	+0.0340%	4h	0.4339	+0.091%	$3.1M	$3.2M	75x
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4341	+0.137%	$18K	$351K	25x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0573% / S −0.0203%	1h	0.4335	long leg	$496K	—	100x
Reya ONDORUSDPERP	+0.1159%	1h	0.4339	+0.084%	$2K	—	20x	as long as short