Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0455%/8h= −49.8% APRpaid last 24h −0.131%

Price spread now: BingX against GMX−0.035%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 GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.463%−$46 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.035%, 7d avg −0.004%

Together, before fees−0.460%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and BingX is 0.032% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4352	L +0.0555% / S −0.0193%	pay 0.0069% / 1h	22m 43s	$484K	—	100x
Short	BingX ONDO-USDC	0.4350	0.0100	get 0.0050% / 4h	3h 22m	—	$759K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$95.58
Price spread: −0.035% → −0.004%: −$3.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$120.74
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 6 min ago. 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 BingX live order book, 6 min ago	2.29 bp	59.8 bp −$60	92.0 bp −$920	700.3 bp −$70.0K	969.6 bp −$484.8K

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	−0.0161%	1h	0.4351	−0.008%	$2.6M	$7.7M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4352	+0.007%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.974%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4354	+0.050%	$1.1M	$2.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4353	+0.034%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4353	+0.034%	$359K	$841K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4351	−0.022%	$62.8M	$230.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4345	−0.150%	$67.6M	$124.6M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4348	−0.081%	$17.0M	$72.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4363	+0.270%	$72K	$83K	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	0.4352	+0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4348	−0.081%	$11.7M	$16.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4349	−0.058%	$43.0M	$42.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4352	+0.011%	$12.6M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4350	−0.035%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDCshort	+0.0100%	4h	0.4350	−0.035%	—	$759K	—
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4354	+0.047%	$183K	$980K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4364	+0.279%	$713K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4369	+0.398%	$4K	$315K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4364	+0.277%	$406K	$1.2M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4368	+0.378%	$135K	$353K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4353	+0.029%	$66K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4354	+0.057%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4354	+0.057%	$453	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4360	+0.194%	$129K	$432K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4356	+0.102%	$4.2M	$8.0M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4348	−0.088%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4351	−0.023%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4355	+0.084%	$38K	$13K	3x	as long as short
Aster ONDOUSDT	+0.0160%	4h	0.4351	−0.012%	$785K	$2.6M	20x	as long as short
01 Exchange ONDOUSD	+0.0160%	1h	0.4354	+0.054%	$358	$2K	10x	as long as short
Hyperliquid ONDO	+0.0195%	1h	0.4352	+0.020%	$37.4M	$24.4M	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0210%	1h	0.4354	+0.057%	$18K	$362K	25x	as long as short
dYdX ONDO-USD	+0.0216%	1h	0.4349	−0.064%	$246K	$129K	5x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4368	+0.378%	$248K	$725K	50x	as long as short
Phoenix ONDO	+0.0327%	1h	0.4368	+0.371%	$35K	$218K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4357	+0.125%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0555% / S −0.0193%	1h	0.4352	long leg	$484K	—	100x
Reya ONDORUSDPERP	+0.1154%	1h	0.4353	+0.031%	$2K	—	20x	as long as short