Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.025%

Price spread now: GMX against SunX−0.042%7-day average +0.004% · you buy dearer than you sell

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.081%+$8 on $10k

Price spread, last 3 days (all we have)+0.095%+$9 · spread now −0.042%, 7d avg +0.004%

Together, before fees+0.175%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.045% cheaper against SunX than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.004%). If the spread goes back, that is −$5 on $10k: about 37 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4571	0.0100	pay 0.0050% / 4h	1h 04m	—	$1.4M	20x
Short	GMX ONDO/USD [ETH-USDC]	0.4569	L +0.0609% / S −0.0197%	get 0.0025% / 1h	4m 56s	$560K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $20.42
Price spread: −0.042% → +0.004%: −$4.52
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$4.1
Costs to cover: 0.200%
Break-even: 8.4 days

Slippage unknown: SunX: live order book, 9 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 SunX live order book, 9 min ago	47.08 bp	66.8 bp −$67	doesn't fit	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	−0.0352%	1h	0.4567	−0.093%	$2.8M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4566	−0.106%	$6K	—	150x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4567	−0.088%	$25K	$8K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4568	−0.060%	$430K	$707K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4571	0.000%	$717K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4571	+0.004%	$67.9M	$226.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4570	−0.022%	$74.0M	$122.2M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4571	0.000%	$17.8M	$81.6M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4571	−0.004%	$74K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4571	−0.003%	—	—	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ONDO_USDT	+0.0100%	4h	0.4568	−0.066%	$12.0M	$18.7M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4569	−0.044%	$49.1M	$44.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4567	−0.088%	$13.8M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4569	−0.044%	$25.9M	$41.5M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4570	−0.022%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4563	−0.178%	$785K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4561	−0.211%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.023%	$422K	$947K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4561	−0.219%	$163K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4572	+0.022%	$69K	$1.2M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4571	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4569	−0.044%	$475	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4578	+0.153%	$133K	$505K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4570	−0.022%	$4.7M	$6.6M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4569	−0.048%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4568	−0.063%	$409K	$855K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4570	−0.033%	$44K	$8K	3x	as long as short
Phoenix ONDO	+0.0142%	1h	0.4576	+0.105%	$38K	$219K	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0146%	1h	0.4571	−0.007%	$230K	$1.0M	15x	as long as short
Injective ONDO/USDC PERP	+0.0151%	1h	0.4568	−0.066%	$888	$216K	5.5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4595	+0.525%	$301K	$862K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4570	−0.022%	$3.3M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0371%	1h	0.4573	+0.044%	$40.6M	$26.8M	10x	as long as short
01 Exchange ONDOUSD	+0.0392%	1h	0.4576	+0.116%	$377	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0407%	1h	0.4570	−0.022%	$31K	$431K	25x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0609% / S −0.0197%	1h	0.4569	−0.042%	$560K	—	100x
Lighter ONDO	+0.0720%	1h	0.4577	+0.136%	$1.5M	$2.3M	10x	as long as short
Reya ONDORUSDPERP	+0.1142%	1h	0.4570	−0.020%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.5736%	1h	0.4563	−0.166%	$258K	$129K	5x	as long as short