Funding arb · Price arb /

ONDO

all ONDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.029%

Price spread now: GMX against OKX−0.113%92s7-day average +0.007% · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.090%+$9 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.113%, 7d avg +0.007%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.120% cheaper against OKX than usual: you would sell low and buy high (spread −0.113% now, against its 7-day average of +0.007%). If the spread goes back, that is −$12 on $10k: about 3.7 days of funding at the current rate (+$3 a day). The two prices were read 92 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	OKX ONDO-USDT-SWAP	0.4359	0.0100	pay 0.0050% / 4h	3h 18m	$17.4M	$71.2M	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4354	L +0.0583% / S −0.0208%	get 0.0026% / 1h	18m 54s	$504K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.113%Rate

Funding earned: $22.71
Price spread: −0.113% → +0.007%: −$11.98
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$11.27
Costs to cover: 0.220%
Break-even: 10.5 days

Slippage unknown: OKX: live order book, 5 min ago; GMX: 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 OKX live order book, 5 min ago	1.15 bp	8.0 bp −$8	18.1 bp −$181	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0175%	1h	0.4356	−0.073%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4355	−0.088%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.795%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4361	+0.057%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4356	−0.063%	$341K	$886K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4360	+0.023%	$763K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4358	−0.012%	$63.5M	$231.6M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4355	−0.092%	$68.0M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAPlong	+0.0100%	4h	0.4359	long leg	$17.4M	$71.2M	50x
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4350	−0.206%	$71K	$79K	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	0.4356	−0.070%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4356	−0.069%	$13.4M	$15.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4357	−0.046%	$43.6M	$42.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4357	−0.046%	$12.2M	$10.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4359	0.000%	$25.2M	$35.9M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4357	−0.046%	—	$23.2M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4357	−0.039%	$181K	$998K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4357	−0.049%	$690K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4361	+0.037%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4361	+0.046%	$412K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4361	+0.046%	$135K	$339K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4357	−0.046%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4356	−0.069%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4359	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4357	−0.046%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4361	+0.046%	$132K	$369K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4355	−0.092%	$4.3M	$9.1M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4357	−0.045%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4355	−0.088%	$363K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4359	−0.002%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0209%	1h	0.4358	−0.023%	$28K	$360K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4364	+0.115%	$215K	$714K	50x	as long as short
01 Exchange ONDOUSD	+0.0272%	1h	0.4359	+0.002%	$359	$2K	10x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4351	−0.190%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4357	−0.046%	$3.2M	$3.1M	75x	as long as short
Hyperliquid ONDO	+0.0459%	1h	0.4363	+0.080%	$36.6M	$27.8M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0583% / S −0.0208%	1h	0.4354	−0.113%	$504K	—	100x
Reya ONDORUSDPERP	+0.1163%	1h	0.4358	−0.021%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3293%	1h	0.4356	−0.065%	$249K	$159K	5x	as long as short