Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0484%/8h= −52.9% APRpaid last 24h −0.146%

Price spread now: Gate against GMX−0.232%162s7-day average −0.021% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.492%−$49 on $10k

Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.232%, 7d avg −0.021%

Together, before fees−0.295%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Gate is 0.211% cheaper against GMX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.021%). Swap the legs. The two prices were read 162 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4376	L +0.0584% / S −0.0208%	pay 0.0073% / 1h	58m 37s	$506K	—	100x
Short	Gate ONDO_USDT	0.4366	0.0100	get 0.0050% / 4h	2h 58m	$13.6M	$14.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.232%Rate

Funding earned: −$101.54
Price spread: −0.232% → −0.021%: −$21.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$149.65
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	1.14 bp	15.4 bp −$15	34.2 bp −$342	42.7 bp −$4,270	71.1 bp −$35.6K

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
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4370	−0.141%	$24K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4379	+0.059%	$7K	—	150x	as long as short
Kraken Futures PF_ONDOUSD	+0.0019%	1h	0.4369	−0.155%	$2.5M	$7.4M	50x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.384%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4371	−0.109%	$1.1M	$2.3M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4376	+0.008%	$343K	$873K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4372	−0.102%	$36.7M	$27.9M	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4370	−0.141%	$762K	$2.8M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4367	−0.220%	$63.7M	$228.8M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4364	−0.278%	$68.6M	$120.1M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4368	−0.187%	$17.4M	$70.3M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4381	+0.108%	$72K	$77K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4368	−0.194%	—	—	5x	as long as short
Gate ONDO_USDTshort	+0.0100%	4h	0.4366	−0.232%	$13.6M	$14.3M	50x
MEXC ONDO_USDT	+0.0100%	4h	0.4367	−0.210%	$44.2M	$40.9M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4368	−0.187%	$13.0M	$10.2M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4368	−0.187%	$25.4M	$35.6M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4367	−0.210%	—	$22.9M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4373	−0.075%	$185K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4372	−0.102%	$776K	$1.9M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4377	+0.024%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4378	+0.042%	$403K	$1.7M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4380	+0.088%	$136K	$327K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4376	+0.003%	$61K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4369	−0.164%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4368	−0.187%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4371	−0.118%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4379	+0.065%	$132K	$363K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4371	−0.118%	$4.3M	$8.9M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0101%	8h	0.4367	−0.217%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4367	−0.214%	$365K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4371	−0.118%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0112%	1h	0.4369	−0.162%	$360	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0256%	1h	0.4383	+0.156%	$216K	$709K	50x	as long as short
Phoenix ONDO	+0.0277%	1h	0.4381	+0.101%	$35K	$214K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4378	+0.042%	$3.2M	$3.1M	75x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0584% / S −0.0208%	1h	0.4376	long leg	$506K	—	100x
Reya ONDORUSDPERP	+0.1163%	1h	0.4371	−0.127%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.4349%	1h	0.4370	−0.150%	$250K	$160K	5x	as long as short