Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Binance−0.144%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$770.768% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 7 days+0.144%+$14 · spread now −0.144%, 7d avg −0.031%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.113% cheaper against Binance than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ORDIUSDT	4.8620	0.0100	pay 0.0050% / 4h	2h 21m	$9.9M	$34.4M	50x
Short	Bybit ORDIUSDT	4.8550	0.0100	get 0.0050% / 4h	2h 21m	$4.1M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Binance. 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 BinancebpFee BybitbpOrdersPrice spread, now −0.144%Rate

Funding earned: $0
Price spread: −0.144% → −0.031%: −$11.33
Slippage, 4 orders: −$55.75
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$88.08
Costs to cover: 0.768%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Bybit: live order book, 1 min ago.

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 Binance live order book, 5 min ago	2.07 bp	10.2 bp −$10	22.2 bp −$222	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.06 bp	28.7 bp −$29	80.2 bp −$802	doesn't fit	doesn't fit

ORDI on 19 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_ORDIUSD	−0.0718%	1h	4.8583	−0.075%	$69K	$47K	25x	as long as short
Gate ORDI_USDT	−0.0070%	4h	4.8600	−0.041%	$1.2M	$2.8M	50x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8527	−0.192%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.314%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8668	+0.099%	$702K	$667K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8601	−0.039%	$7K	$429K	5x	as long as short
Binance ORDIUSDTlong	+0.0100%	4h	4.8620	long leg	$9.9M	$34.4M	50x
Bybit ORDIUSDTshort	+0.0100%	4h	4.8550	−0.144%	$4.1M	$4.8M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8590	−0.062%	$5.2M	$18.1M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8630	+0.021%	$6.5M	$3.3M	200x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ORDIUSDTM	+0.0100%	4h	4.8602	−0.037%	$981K	$831K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8600	−0.041%	$2.8M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8550	−0.144%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8187	−0.890%	$24K	$42K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8490	−0.267%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8510	−0.226%	$85K	$439K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8607	−0.026%	$2K	$180K	5x	as long as short
BloFin ORDI-USDT	+0.0138%	4h	4.8440	−0.370%	$593K	$305K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.8533	−0.178%	$8K	—	100x	as long as short