Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0482%/8h= −52.8% APRnext payment −$0.60 per $10,000 · paid last 24h —

Price spread now: RISEx against GMX−0.148%46s7-day average — · you buy dearer than you sell

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

Long on GMX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and RISEx is 0.148% cheaper against GMX than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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]	0.4332	L +0.0582% / S −0.0208%	pay 0.0073% / 1h	54m 21s	$502K	—	100x
Short	RISEx ONDO/USDC	0.4326	0.0100	get 0.0013% / 1h	54m 21s	—	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.148%Rate

Funding earned: −$101.19
Price spread: −0.148% → 0.000%: −$14.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$133.96
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; RISEx: 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 GMX no order-book sample	—	—	—	—	—
Sell RISEx no order-book sample	—	—	—	—	—

GMX and RISEx: 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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4335	+0.060%	$23K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	+1.071%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4332	+0.002%	$2.5M	$7.4M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.438%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4327	−0.117%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4330	−0.055%	$339K	$873K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4331	−0.041%	$36.4M	$27.8M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4329	−0.090%	$755K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4329	−0.079%	$63.2M	$229.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4324	−0.194%	$67.8M	$120.4M	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	0.4326	−0.147%	$17.2M	$69.8M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4330	−0.060%	$72K	$77K	10x	as long as short
RISEx ONDO/USDCshort	+0.0100%	1h	0.4326	−0.148%	—	—	5x
Gate ONDO_USDT	+0.0100%	4h	0.4328	−0.101%	$13.5M	$14.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4328	−0.101%	$43.8M	$41.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4327	−0.124%	$13.0M	$10.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4329	−0.078%	$25.2M	$35.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4326	−0.147%	—	$780K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4330	−0.046%	$184K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4356	+0.537%	$772K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4363	+0.700%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4366	+0.785%	$403K	$1.8M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4362	+0.683%	$135K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4329	−0.078%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4325	−0.171%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.106%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4333	+0.014%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4343	+0.245%	$131K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4333	+0.014%	$4.2M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4325	−0.174%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4326	−0.143%	$359K	$788K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4330	−0.054%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0176%	1h	0.4330	−0.051%	$356	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4350	+0.406%	$215K	$706K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4372	+0.905%	$35K	$217K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4338	+0.129%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0582% / S −0.0208%	1h	0.4332	long leg	$502K	—	100x
Reya ONDORUSDPERP	+0.1164%	1h	0.4327	−0.117%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3682%	1h	0.4329	−0.075%	$248K	$160K	5x	as long as short