Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against SunX−0.161%126s7-day average — · you buy dearer than you sell

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

Long on SunX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—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 −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.161% cheaper against SunX than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 126 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	SunX ONDO-USDT	0.4340	0.0100	pay 0.0050% / 4h	1h 19m	—	$1.4M	20x
Short	gTrade (Gains Network) ONDO/USD	0.4333	L +0.0003% / S −0.0011%	get 0.0001% / 1h	19m 21s	$7K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against SunX. 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 SunXbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.161%Rate

Funding earned: −$18.76
Price spread: −0.161% → 0.000%: −$16.13
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$52.88
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; gTrade (Gains Network): 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 SunX live order book, 5 min ago	47.25 bp	68.6 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	0.4339	−0.020%	$2.5M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USDshort	L +0.0003% / S −0.0011%	1h	0.4333	−0.161%	$7K	—	150x
dYdX ONDO-USD	+0.0003%	1h	0.4338	−0.044%	$244K	$141K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.253%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4343	+0.067%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4341	+0.017%	$348K	$891K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4342	+0.046%	$780K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4340	0.000%	$62.7M	$235.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4340	0.000%	$68.1M	$123.0M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4341	+0.023%	$17.3M	$72.5M	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	0.4340	+0.005%	$71K	$81K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4338	−0.045%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4338	−0.046%	$12.6M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4340	0.000%	$43.6M	$42.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4339	−0.023%	$12.0M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4340	0.000%	$24.8M	$37.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4340	0.000%	—	$23.3M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4340	+0.009%	$173K	$993K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4333	−0.167%	$722K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4334	−0.142%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4329	−0.248%	$401K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4336	−0.092%	$133K	$340K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4342	+0.055%	$62K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4339	−0.023%	$23K	$6K	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4340	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4342	+0.046%	$451	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4348	+0.184%	$129K	$401K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	−0.046%	$4.2M	$8.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4340	+0.005%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4339	−0.014%	$358K	$821K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4342	+0.053%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0171%	1h	0.4344	+0.099%	$36.5M	$27.1M	10x	as long as short
01 Exchange ONDOUSD	+0.0208%	1h	0.4343	+0.071%	$357	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4342	+0.046%	$215K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4336	−0.081%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4337	−0.069%	$3.1M	$3.2M	75x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0442%	1h	0.4341	+0.023%	$18K	$362K	25x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0573% / S −0.0203%	1h	0.4337	−0.065%	$496K	—	100x	as long as short
Reya ONDORUSDPERP	+0.1158%	1h	0.4339	−0.029%	$2K	—	20x	as long as short