Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0455%/8h= −49.8% APRpaid last 24h −0.131%

Price spread now: MEXC against GMX+0.173%7-day average +0.005% · you sell dearer than you buy

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.466%−$47 on $10k

Price spread, last 4 days (all we have)−0.210%−$21 · spread now +0.173%, 7d avg +0.005%

Together, before fees−0.676%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.169% dearer against GMX than usual: you sell high and buy low (spread +0.173% now, against its 7-day average of +0.005%): +$17 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4355	L +0.0555% / S −0.0193%	pay 0.0069% / 1h	17m 39s	$484K	—	100x
Short	MEXC ONDO_USDT	0.4363	0.0100	get 0.0050% / 4h	3h 17m	$43.2M	$42.0M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now +0.173%Rate

Funding earned: −$95.54
Price spread: +0.173% → +0.005%: $16.87
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$90.67
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	1.15 bp	1.1 bp −$1	4.9 bp −$49	18.2 bp −$1,815	83.0 bp −$41.5K

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	−0.0161%	1h	0.4356	+0.018%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4355	−0.008%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.880%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4367	+0.270%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4356	+0.013%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4355	+0.001%	$359K	$840K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4361	+0.127%	$62.9M	$230.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4357	+0.036%	$67.7M	$124.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4359	+0.082%	$17.1M	$72.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4345	−0.247%	$72K	$83K	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	0.4359	+0.082%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4361	+0.127%	$11.8M	$16.2M	50x	as long as short
MEXC ONDO_USDTshort	+0.0100%	4h	0.4363	+0.173%	$43.2M	$42.0M	200x
KuCoin ONDOUSDTM	+0.0100%	4h	0.4364	+0.196%	$12.7M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4360	+0.104%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4360	+0.104%	—	$21.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4361	+0.118%	$184K	$978K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4352	−0.085%	$702K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4357	+0.030%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4353	−0.057%	$403K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4349	−0.148%	$134K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4358	+0.047%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4353	−0.056%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4359	+0.082%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4358	+0.059%	$129K	$423K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4358	+0.059%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4363	+0.163%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4357	+0.042%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4360	+0.107%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0168%	1h	0.4362	+0.157%	$359	$2K	10x	as long as short
Hyperliquid ONDO	+0.0187%	1h	0.4368	+0.277%	$37.5M	$24.4M	10x	as long as short
Aster ONDOUSDT	+0.0198%	4h	0.4362	+0.150%	$788K	$2.6M	20x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4362	+0.150%	$246K	$724K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4361	+0.125%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4353	−0.056%	$3.1M	$3.0M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0439%	1h	0.4360	+0.104%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0555% / S −0.0193%	1h	0.4355	long leg	$484K	—	100x
dYdX ONDO-USD	+0.0669%	1h	0.4362	+0.146%	$247K	$129K	5x	as long as short
Reya ONDORUSDPERP	+0.1154%	1h	0.4356	+0.024%	$2K	—	20x	as long as short