Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0450%/8h= −49.3% APRpaid last 24h −0.133%

Price spread now: Bybit against GMX+0.083%7-day average −0.034% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.471%−$47 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.083%, 7d avg −0.034%

Together, before fees−0.563%−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.116% dearer against GMX than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of −0.034%): +$12 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4398	L +0.0550% / S −0.0190%	pay 0.0069% / 1h	58m 22s	$485K	—	100x
Short	Bybit ONDOUSDT	0.4402	0.0100	get 0.0050% / 4h	1h 58m	$69.7M	$121.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$94.52
Price spread: +0.083% → −0.034%: $11.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$105.88
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 6 min ago	1.13 bp	6.8 bp −$7	14.5 bp −$145	56.2 bp −$5,618	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 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
dYdX ONDO-USD	0.0000%	1h	0.4403	+0.111%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4399	+0.014%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.857%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4403	+0.103%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4400	+0.037%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4401	+0.071%	$378K	$833K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4404	+0.133%	$38.6M	$24.1M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4406	+0.181%	$664K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4402	+0.083%	$63.9M	$225.8M	75x	as long as short
Bybit ONDOUSDTshort	+0.0100%	4h	0.4402	+0.083%	$69.7M	$121.9M	50x

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	+0.083%	$17.0M	$72.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4420	+0.487%	$72K	$87K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4402	+0.077%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4400	+0.037%	$11.6M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4402	+0.083%	$46.6M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4401	+0.060%	$13.1M	$10.8M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4402	+0.083%	$25.0M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4402	+0.083%	—	$22.0M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.395%	$766K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4415	+0.379%	$5K	$320K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4408	+0.216%	$407K	$978K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4416	+0.401%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4405	+0.151%	$80K	$1.3M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4403	+0.105%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	+0.151%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4419	+0.469%	$130K	$487K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4404	+0.118%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4403	+0.099%	$398K	$787K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4405	+0.162%	$38K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0153%	4h	0.4405	+0.151%	$4.2M	$7.5M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4404	+0.128%	$23K	$349K	25x	as long as short
Backpack ONDO_USDC_PERP	+0.0303%	1h	0.4405	+0.158%	$196K	$987K	15x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4418	+0.455%	$35K	$214K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.537%	$284K	$706K	50x	as long as short
01 Exchange ONDOUSD	+0.0368%	1h	0.4406	+0.178%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0550% / S −0.0190%	1h	0.4398	long leg	$485K	—	100x
Lighter ONDO	+0.0624%	1h	0.4411	+0.294%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4401	+0.060%	$2K	—	20x	as long as short