Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0462%/8h= −50.6% APRpaid last 24h −0.131%

Price spread now: Bitget against GMX+0.069%7-day average +0.009% · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.473%−$47 on $10k

Price spread, last 4 days (all we have)−0.045%−$5 · spread now +0.069%, 7d avg +0.009%

Together, before fees−0.518%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.060% dearer against GMX than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of +0.009%): +$6 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4329	L +0.0562% / S −0.0197%	pay 0.0070% / 1h	35m 31s	$487K	—	100x
Short	Bitget ONDOUSDT	0.4332	0.0100	get 0.0050% / 4h	2h 35m	$24.8M	$40.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$97.01
Price spread: +0.069% → +0.009%: $6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$115
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	2.32 bp	10.6 bp −$11	16.8 bp −$168	63.9 bp −$6,386	doesn't fit

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	−0.0242%	1h	0.4320	−0.219%	$2.5M	$7.8M	50x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4332	+0.072%	$7K	—	150x	as long as short
dYdX ONDO-USD	+0.0020%	1h	0.4328	−0.035%	$243K	$137K	5x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.521%	$888	$216K	5.5x	as long as short
01 Exchange ONDOUSD	+0.0056%	1h	0.4331	+0.053%	$356	$2K	10x	as long as short
Lighter ONDO	+0.0096%	1h	0.4332	+0.069%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4332	+0.069%	$353K	$875K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4332	+0.079%	$36.3M	$25.9M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4333	+0.091%	$779K	$2.6M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4334	+0.110%	$62.3M	$235.5M	75x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ONDOUSDT	+0.0100%	4h	0.4333	+0.092%	$67.5M	$125.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4331	+0.046%	$17.2M	$73.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4314	−0.342%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4328	−0.015%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4329	0.000%	$12.1M	$16.3M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4332	+0.069%	$43.1M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4330	+0.023%	$12.1M	$10.6M	50x	as long as short
Bitget ONDOUSDTshort	+0.0100%	4h	0.4332	+0.069%	$24.8M	$40.0M	50x
BingX ONDO-USDT	+0.0100%	4h	0.4332	+0.069%	—	$23.6M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4325	−0.090%	$177K	$986K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4320	−0.212%	$648K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4316	−0.301%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4321	−0.195%	$400K	$1.3M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4316	−0.300%	$133K	$355K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4332	+0.065%	$68K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4321	−0.185%	$23K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4322	−0.162%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4321	−0.185%	$449	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4330	+0.023%	$128K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4324	−0.116%	$4.1M	$8.2M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4331	+0.054%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4331	+0.038%	$389K	$795K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4322	−0.155%	$37K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0213%	1h	0.4322	−0.162%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0272%	1h	0.4346	+0.393%	$218K	$766K	50x	as long as short
Phoenix ONDO	+0.0332%	1h	0.4313	−0.374%	$34K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4317	−0.277%	$3.1M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0562% / S −0.0197%	1h	0.4329	long leg	$487K	—	100x
Reya ONDORUSDPERP	+0.1156%	1h	0.4332	+0.058%	$2K	—	20x	as long as short