Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0462%/8h= −50.6% APRpaid last 24h −0.131%

Price spread now: Orderly against GMX+0.031%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.031% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ONDO/USD [ETH-USDC]	0.4335	L +0.0562% / S −0.0197%	pay 0.0070% / 1h	48m 18s	$488K	—	100x
Short	Orderly PERP_ONDO_USDC	0.4336	0.0100	get 0.0050% / 4h	1h 48m	$23K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.031%Rate

Funding earned: −$97.08
Price spread: +0.031% → 0.000%: $3.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$112.02
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.0146%	1h	0.4335	+0.008%	$2.5M	$7.8M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4337	+0.059%	$243K	$137K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4335	+0.006%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+5.383%	$888	$216K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4340	+0.132%	$1.1M	$2.4M	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4340	+0.111%	$346K	$894K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4340	+0.123%	$775K	$2.7M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4337	+0.064%	$63.0M	$238.7M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4335	+0.008%	$67.6M	$126.5M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4337	+0.054%	$17.2M	$73.8M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4348	+0.301%	$71K	$83K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4335	+0.009%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4336	+0.031%	$12.4M	$15.9M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4336	+0.031%	$43.1M	$42.2M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4336	+0.031%	$11.9M	$10.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4336	+0.031%	$24.9M	$39.6M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4336	+0.031%	—	$763K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4344	+0.218%	$177K	$995K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4337	+0.049%	$642K	$1.7M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4327	−0.171%	$4K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4343	+0.192%	$408K	$1.4M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4327	−0.177%	$132K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4338	+0.077%	$60K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDCshort	+0.0100%	4h	0.4336	+0.031%	$23K	$6K	10x
SunX ONDO-USDT	+0.0100%	4h	0.4337	+0.054%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4337	+0.054%	$451	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4347	+0.284%	$129K	$429K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4338	+0.077%	$4.2M	$8.5M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4340	+0.122%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4335	+0.015%	$393K	$796K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4339	+0.103%	$38K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0200%	1h	0.4339	+0.102%	$357	$2K	10x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0211%	1h	0.4338	+0.077%	$18K	$362K	25x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0264%	1h	0.4339	+0.100%	$214K	$728K	50x	as long as short
Phoenix ONDO	+0.0313%	1h	0.4349	+0.338%	$35K	$223K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4345	+0.238%	$3.2M	$3.2M	75x	as long as short
Hyperliquid ONDO	+0.0415%	1h	0.4340	+0.130%	$36.6M	$27.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0562% / S −0.0197%	1h	0.4335	long leg	$488K	—	100x
Reya ONDORUSDPERP	+0.1157%	1h	0.4336	+0.037%	$2K	—	20x	as long as short