Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.144%

Price spread now: Phemex against GMX+0.072%52s7-day average +0.021% · you sell dearer than you buy

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.482%−$48 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.072%, 7d avg +0.021%

Together, before fees−0.615%−$62 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.050% dearer against GMX than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.021%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 4 days (−0.482% in total) that is about 9 hours. The two prices were read 52 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]	0.4306	L +0.0181% / S +0.0252%	pay 0.0023% / 1h	47m 29s	$363K	—	100x
Short	Phemex ONDOUSDT	0.4309	0.0100	get 0.0050% / 4h	1h 47m	$4.2M	$8.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$17.06
Price spread: +0.072% → +0.021%: $5.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.03
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	4.64 bp	18.2 bp −$18	25.1 bp −$251	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 exchanges

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	−0.0326%	1h	0.4308	+0.054%	$2.5M	$7.1M	50x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4308	+0.048%	$21K	$365K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0011%	1h	0.4307	+0.019%	$7K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+6.087%	$888	$215K	5.5x	as long as short
Lighter ONDO	+0.0096%	1h	0.4313	+0.169%	$1.1M	$2.3M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4306	+0.002%	$23K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4310	+0.101%	$336K	$820K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4309	+0.080%	$767K	$2.9M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4307	+0.025%	$62.7M	$221.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4304	−0.045%	$67.3M	$116.4M	50x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4306	+0.002%	$17.2M	$66.7M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4309	+0.062%	$69K	$76K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4305	−0.011%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4306	+0.002%	$13.7M	$13.1M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4307	+0.025%	$45.9M	$40.0M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4307	+0.025%	$13.0M	$9.5M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4308	+0.048%	$25.1M	$33.3M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4307	+0.025%	—	$23.1M	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4310	+0.092%	$179K	$988K	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4307	+0.034%	$787K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4311	+0.125%	$5K	$317K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4310	+0.095%	$397K	$2.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4313	+0.164%	$133K	$318K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4308	+0.044%	$60K	$1.2M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4307	+0.025%	—	$1.3M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4309	+0.072%	$2K	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4313	+0.164%	$105K	$478K	50x	as long as short
Phemex ONDOUSDTshort	+0.0100%	4h	0.4309	+0.072%	$4.2M	$8.6M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4308	+0.043%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4306	−0.002%	$350K	$782K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4307	+0.025%	$37K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0128%	1h	0.4307	+0.030%	$354	$2K	10x	as long as short
Hyperliquid ONDO	+0.0140%	1h	0.4310	+0.099%	$36.1M	$26.7M	10x	as long as short
GMX ONDO/USD [ETH-USDC]long	L +0.0181% / S +0.0252%	1h	0.4306	long leg	$363K	—	100x
Phoenix ONDO	+0.0221%	1h	0.4316	+0.225%	$35K	$208K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4300	−0.137%	$213K	$606K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4307	+0.025%	$3.2M	$2.9M	75x	as long as short
Reya ONDORUSDPERP	+0.1166%	1h	0.4306	−0.001%	$2K	—	20x	as long as short
dYdX ONDO-USD	+0.3780%	1h	0.4305	−0.024%	$246K	$159K	5x	as long as short