GMTrade vs Ondo Perps Funding Arbitrage
20 shared markets · net of estimated fees · updated every few minutesGMTrade and Ondo Perps both quote 20 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is ETH — long GMTrade / short Ondo Perps at 6.9% net APR — but the median across all shared markets is 1.6%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 19 markets go long on GMTrade and 1 on Ondo Perps. 6 markets clear 5% net APR, 0 clear 10%.
How this pair behaves
GMTrade pays funding every 1h on 48 markets; Ondo Perps pays every 1h on 61 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. GMTrade quotes 48 perpetual markets in total and Ondo Perps quotes 61; the 20 they share are what this page ranks. Across its own book GMTrade runs a median funding rate of 0.0% and Ondo Perps 5.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 20 of 20 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| ETH | GMTrade | Ondo Perps | 6.9% | 10.9% | +10.3% | $3.8M |
| BTC | GMTrade | Ondo Perps | 6.6% | 10.5% | +5.8% | $23.4M |
| SOL | GMTrade | Ondo Perps | 6.2% | 10.9% | +7.7% | $178K |
| ZEC | GMTrade | Ondo Perps | 5.8% | 10.9% | +14.2% | $438K |
| PUMP | GMTrade | Ondo Perps | 5.3% | 10.9% | +8.5% | $231K |
| ONDO | GMTrade | Ondo Perps | 5.3% | 10.9% | +9.8% | $19K |
| XRP | GMTrade | Ondo Perps | 4.9% | 10.3% | +6.0% | $128K |
| LIT | GMTrade | Ondo Perps | 3.3% | 10.9% | +4.2% | $21K |
| XAU | GMTrade | Ondo Perps | 1.7% | 5.5% | +5.3% | $133.5M |
| WTI | Ondo Perps | GMTrade | 1.7% | 6.4% | +5.7% | $6.2M |
| QQQ | GMTrade | Ondo Perps | 1.6% | 5.5% | -1.9% | $703K |
| AMZN | GMTrade | Ondo Perps | 1.3% | 5.5% | +6.4% | $1.3M |
| NVDA | GMTrade | Ondo Perps | 1.3% | 5.5% | +2.5% | $2.3M |
| AAPL | GMTrade | Ondo Perps | 1.2% | 5.5% | +3.6% | $3.9M |
| XAG | GMTrade | Ondo Perps | 1.2% | 5.4% | +2.5% | $2.5M |
| MSFT | GMTrade | Ondo Perps | 1.1% | 5.2% | +4.7% | $397K |
| TSLA | GMTrade | Ondo Perps | 1.0% | 5.5% | +2.5% | $3.2M |
| META | GMTrade | Ondo Perps | 0.9% | 5.5% | +6.6% | $3.6M |
| GOOGL | GMTrade | Ondo Perps | 0.7% | 5.5% | -20.8% | $2.2M |
| SPCX | GMTrade | Ondo Perps | 0.6% | 5.5% | +6.6% | $11.4M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
GMTrade vs Ondo Perps — FAQ
How many markets can you arbitrage between GMTrade and Ondo Perps?
20 perpetual markets are quoted on both GMTrade and Ondo Perps right now. 6 of them show a net spread of at least 5% APR after estimated fees, and 12 have at least $1M of 24h volume on the smaller leg.
What is the best GMTrade / Ondo Perps funding spread right now?
ETH: long GMTrade and short Ondo Perps for about 6.9% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 20 shared markets is 1.6%, so the top of the list is not typical.
Which side pays on the GMTrade / Ondo Perps pair?
It varies by market: GMTrade is the long (funding-receiving) leg in 19 of the shared markets and Ondo Perps in the other 1. The direction is set per market by which venue currently prices funding lower.
Trading the GMTrade / Ondo Perps spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: GMTrade funding rates · Ondo Perps funding rates; the full calculation is in the methodology.