Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0501%/8hpaid last 24h −0.131%

Price spread now: HTX against GMX+0.246%7-day average +0.150% · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.415%−$41 on $10k

Price spread, last 3 days (all we have)−0.285%−$29 · spread now +0.246%, 7d avg +0.150%

Together, before fees−0.700%−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.096% dearer against GMX than usual: you sell high and buy low (spread +0.246% now, against its 7-day average of +0.150%): +$10 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4421	L +0.0601% / S −0.0200%	pay 0.0075% / 1h	21m 34s	$544K	—	100x
Short	HTX ONDO-USDT	0.4432	0.0100	get 0.0050% / 4h	21m 34s	$109K	$526K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.246%Rate

Funding earned: −$105.11
Price spread: +0.246% → +0.150%: $9.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$119.52
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 11 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 HTX live order book, 11 min ago	4.53 bp	16.3 bp −$16	doesn't fit	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 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	−0.0493%	1h	0.4418	−0.079%	$2.9M	$7.2M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4422	+0.018%	$6K	—	150x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4420	−0.034%	$6K	$9	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4420	−0.025%	$454K	$634K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4420	−0.025%	$65.7M	$221.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4415	−0.138%	$69.5M	$114.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4416	−0.116%	$17.3M	$78.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4431	+0.230%	$73K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4420	−0.033%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4418	−0.070%	$11.6M	$18.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ONDO_USDT	+0.0100%	4h	0.4421	−0.002%	$48.5M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4418	−0.070%	$13.5M	$9.9M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4421	−0.002%	$25.0M	$41.7M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4420	−0.025%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4422	+0.025%	$235K	$942K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4412	−0.195%	$762K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4424	+0.062%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4423	+0.043%	$419K	$792K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4425	+0.088%	$156K	$352K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4422	+0.013%	$71K	$996K	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4421	−0.002%	$24K	$8K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4421	−0.002%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4421	−0.002%	$460	$14K	10x	as long as short
HTX ONDO-USDTshort	+0.0100%	4h	0.4432	+0.246%	$109K	$526K	50x
Phemex ONDOUSDT	+0.0100%	4h	0.4419	−0.048%	$4.9M	$5.8M	50x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4420	−0.036%	$386K	$946K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4423	+0.043%	$35K	—	3x	as long as short
Phoenix ONDO	+0.0127%	1h	0.4410	−0.240%	$28K	$251K	10x	as long as short
Injective ONDO/USDC PERP	+0.0131%	1h	0.4416	−0.116%	$994	$82K	5.5x	as long as short
Aster ONDOUSDT	+0.0140%	4h	0.4419	−0.048%	$752K	$1.8M	20x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0202%	1h	0.4423	+0.043%	$20K	$344K	25x	as long as short
01 Exchange ONDOUSD	+0.0240%	1h	0.4422	+0.011%	$364	$1K	10x	as long as short
Hyperliquid ONDO	+0.0293%	1h	0.4421	+0.004%	$39.2M	$26.2M	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4425	+0.088%	$3.2M	$3.1M	75x	as long as short
Lighter ONDO	+0.0520%	1h	0.4426	+0.111%	$1.2M	$1.6M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0536%	1h	0.4436	+0.337%	$331K	$753K	50x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0601% / S −0.0200%	1h	0.4421	long leg	$544K	—	100x
Reya ONDORUSDPERP	+0.1135%	1h	0.4420	−0.035%	$2K	—	20x	as long as short
dYdX ONDO-USD	+1.1376%	1h	0.4420	−0.014%	$250K	$116K	5x	as long as short