Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: GMX against Phemex+0.186%7-day average −0.012% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.062%+$6 on $10k

Price spread, last 3 days (all we have)−0.160%−$16 · spread now +0.186%, 7d avg −0.012%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GMX is 0.197% dearer against Phemex than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ONDOUSDT	0.4542	0.0100	pay 0.0050% / 4h	3h 51m	$4.5M	$7.0M	50x
Short	GMX ONDO/USD [ETH-USDC]	0.4550	L +0.0587% / S −0.0188%	get 0.0023% / 1h	51m 49s	$543K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.186%Rate

Funding earned: $18.38
Price spread: +0.186% → −0.012%: $19.73
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $14.11
Costs to cover: 0.240%
Break-even: 1.6 days

Slippage unknown: Phemex: live order book, 2 min ago; GMX: 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 Phemex live order book, 2 min ago	1.10 bp	17.2 bp −$17	25.6 bp −$256	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Kraken Futures PF_ONDOUSD	−0.0879%	1h	0.4542	+0.007%	$2.7M	$8.0M	50x	as long as short
ApeX Omni ONDOUSDT	−0.0592%	1h	0.4571	+0.638%	$174K	$312K	50x	as long as short
Gate ONDO_USDT	−0.0306%	4h	0.4535	−0.154%	$11.9M	$16.5M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4539	−0.056%	$257K	$132K	5x	as long as short
Deribit ONDO_USDC-PERPETUAL	0.0000%	1h	0.4545	+0.066%	$33K	$363K	25x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4550	+0.180%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+0.572%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0098%	4h	0.4545	+0.066%	$25K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4547	+0.110%	$437K	$703K	10x	as long as short
Hyperliquid ONDO	+0.0100%	1h	0.4541	−0.015%	$40.1M	$26.0M	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ONDOUSDT	+0.0100%	4h	0.4541	−0.026%	$718K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4542	0.000%	$68.0M	$226.1M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4540	−0.044%	$73.3M	$120.8M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4542	0.000%	$17.6M	$79.1M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4555	+0.291%	$75K	$89K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4550	+0.177%	—	—	5x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4540	−0.044%	$48.7M	$41.3M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4537	−0.110%	$14.0M	$11.0M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4537	−0.110%	$25.6M	$40.1M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4537	−0.110%	—	$741K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4541	−0.020%	$227K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4569	+0.592%	$812K	$2.0M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4572	+0.667%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4572	+0.663%	$430K	$960K	10x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4553	+0.242%	$70K	$1.1M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4543	+0.022%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4544	+0.044%	$472	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4558	+0.352%	$134K	$502K	50x	as long as short
Phemex ONDOUSDTlong	+0.0100%	4h	0.4542	long leg	$4.5M	$7.0M	50x
Paradex ONDO-USD-PERP	+0.0100%	8h	0.4540	−0.052%	$7K	$9	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4539	−0.076%	$407K	$843K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4546	+0.077%	$39K	$13K	3x	as long as short
01 Exchange ONDOUSD	+0.0216%	1h	0.4555	+0.280%	$375	$2K	10x	as long as short
Phoenix ONDO	+0.0244%	1h	0.4575	+0.724%	$38K	$248K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0280%	1h	0.4547	+0.110%	$296K	$828K	50x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4550	+0.176%	$3.3M	$3.3M	75x	as long as short
Lighter ONDO	+0.0504%	1h	0.4549	+0.152%	$1.5M	$2.2M	10x	as long as short
GMX ONDO/USD [ETH-USDC]short	L +0.0587% / S −0.0188%	1h	0.4550	+0.186%	$543K	—	100x
Reya ONDORUSDPERP	+0.1144%	1h	0.4550	+0.182%	$2K	—	20x	as long as short