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 −0.132%

Price spread now: KuCoin against GMX−0.079%7-day average +0.022% · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.457%−$46 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.079%, 7d avg +0.022%

Together, before fees−0.413%−$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and KuCoin is 0.101% cheaper against GMX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4383	L +0.0550% / S −0.0190%	pay 0.0069% / 1h	3m 21s	$484K	—	100x
Short	KuCoin ONDOUSDTM	0.4380	0.0100	get 0.0050% / 4h	1h 03m	$12.9M	$10.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$94.49
Price spread: −0.079% → +0.022%: −$10.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$128.63
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: 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 KuCoin live order book, 5 min ago	2.27 bp	18.2 bp −$18	32.0 bp −$320	doesn't fit	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
dYdX ONDO-USD	+0.0001%	1h	0.4377	−0.156%	$248K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4384	+0.017%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+4.210%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4383	−0.001%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4384	+0.012%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4389	+0.121%	$370K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4385	+0.035%	$63.7M	$226.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4385	+0.035%	$69.6M	$123.1M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4386	+0.058%	$17.0M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4383	−0.004%	$72K	$84K	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	0.4381	−0.056%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4384	+0.012%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4385	+0.035%	$47.3M	$41.9M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4380	−0.079%	$12.9M	$10.7M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4386	+0.058%	$25.1M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4386	+0.058%	—	$21.7M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4386	+0.050%	$711K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4386	+0.059%	$4K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4391	+0.182%	$413K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4386	+0.058%	$135K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4388	+0.094%	$67K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4383	−0.010%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4386	+0.058%	$456	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4393	+0.218%	$129K	$474K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4378	−0.129%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4385	+0.039%	$396K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4388	+0.110%	$38K	$13K	3x	as long as short
Phemex ONDOUSDT	+0.0117%	4h	0.4385	+0.035%	$4.2M	$7.7M	50x	as long as short
Hyperliquid ONDO	+0.0122%	1h	0.4387	+0.085%	$38.0M	$24.3M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0163%	1h	0.4383	−0.010%	$188K	$981K	15x	as long as short
Aster ONDOUSDT	+0.0191%	4h	0.4389	+0.128%	$736K	$2.3M	20x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4394	+0.250%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4387	+0.081%	$3.1M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4385	+0.033%	$361	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4374	−0.216%	$278K	$712K	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0434%	1h	0.4387	+0.081%	$23K	$349K	25x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0550% / S −0.0190%	1h	0.4383	long leg	$484K	—	100x
Lighter ONDO	+0.0848%	1h	0.4393	+0.213%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4386	+0.057%	$2K	—	20x	as long as short