Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.025%

Price spread now: GMX against Bitget−0.184%7-day average −0.001% · you buy dearer than you sell

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.083%+$8 on $10k

Price spread, last 3 days (all we have)+0.181%+$18 · spread now −0.184%, 7d avg −0.001%

Together, before fees+0.264%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.184% cheaper against Bitget than usual: you would sell low and buy high (spread −0.184% now, against its 7-day average of −0.001%). If the spread goes back, that is −$18 on $10k: about 6.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ONDOUSDT	0.4412	0.0100	pay 0.0050% / 4h	2h 03m	$25.1M	$39.5M	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4404	L +0.0550% / S −0.0190%	get 0.0024% / 1h	3m 31s	$486K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee GMXbpOrdersPrice spread, now −0.184%Rate

Funding earned: $18.81
Price spread: −0.184% → −0.001%: −$18.4
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$23.59
Costs to cover: 0.240%
Break-even: 15.8 days

Slippage unknown: Bitget: 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 Bitget live order book, 5 min ago	2.28 bp	10.6 bp −$11	21.2 bp −$212	77.7 bp −$7,774	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 38 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	−0.0363%	1h	0.4402	−0.219%	$2.6M	$8.2M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4408	−0.086%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4406	−0.136%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.536%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4401	−0.249%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4410	−0.040%	$381K	$835K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4416	+0.091%	$672K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4411	−0.023%	$64.0M	$227.0M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4412	0.000%	$69.9M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4410	−0.045%	$17.1M	$72.9M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4389	−0.533%	$72K	$86K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4410	−0.041%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4409	−0.068%	$11.6M	$16.6M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4411	−0.023%	$46.7M	$43.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4412	0.000%	$13.1M	$10.9M	50x	as long as short
Bitget ONDOUSDTlong	+0.0100%	4h	0.4412	long leg	$25.1M	$39.5M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4412	0.000%	—	$22.1M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4393	−0.437%	$761K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4392	−0.450%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4399	−0.297%	$406K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4389	−0.521%	$135K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4409	−0.063%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4412	0.000%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	−0.159%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4410	−0.045%	$129K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4412	+0.010%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4410	−0.035%	$398K	$824K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	−0.159%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0171%	1h	0.4408	−0.082%	$196K	$992K	15x	as long as short
Phemex ONDOUSDT	+0.0204%	4h	0.4403	−0.204%	$4.2M	$7.5M	50x	as long as short
Hyperliquid ONDO	+0.0232%	1h	0.4415	+0.063%	$38.7M	$24.1M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.227%	$284K	$707K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4393	−0.433%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4415	+0.057%	$363	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0432%	1h	0.4404	−0.181%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0550% / S −0.0190%	1h	0.4404	−0.184%	$486K	—	100x
Lighter ONDO	+0.0784%	1h	0.4419	+0.163%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4408	−0.086%	$2K	—	20x	as long as short