Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.3259%/8h= +356.8% APRpaid last 24h +0.360%

Price spread now: GMX against Bybit+0.060%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on GMX

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

Both sides work for this trade now. Funding pays +$98 a day on $10k at the current rate, and GMX is 0.060% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ORDIUSDT	4.8770	0.0100	pay 0.0050% / 4h	3h 56m	$4.1M	$4.3M	50x
Short	GMX ORDI/USD [WBTC.b-USDC]	4.8799	L +0.0239% / S −0.3359%	get 0.0420% / 1h	56m 12s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $684.29
Price spread: +0.060% → 0.000%: $6.04
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $667.33
Costs to cover: 0.230%
Break-even: 0.2 days

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.02 bp	22.8 bp −$23	72.1 bp −$721	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.

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
dYdX ORDI-USD	0.0000%	1h	4.8823	+0.109%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.602%	$776	$20K	5.5x	as long as short
BloFin ORDI-USDT	+0.0067%	4h	4.8860	+0.185%	$601K	$310K	75x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8880	+0.226%	$709K	$654K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8830	+0.123%	$5K	$420K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8828	+0.120%	$10.0M	$31.5M	50x	as long as short
Bybit ORDIUSDTlong	+0.0100%	4h	4.8770	long leg	$4.1M	$4.3M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8840	+0.144%	$5.3M	$16.6M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8790	+0.041%	$1.3M	$2.6M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8820	+0.103%	$7.0M	$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	4.8836	+0.135%	$942K	$813K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8810	+0.082%	$2.9M	$3.0M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.8850	+0.164%	—	$24.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8848	+0.161%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8730	−0.082%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8860	+0.185%	$89K	$355K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8820	+0.103%	$5K	$168K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0239% / S −0.3359%	1h	4.8799	+0.060%	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.2967%	1h	4.8945	+0.359%	$66K	$43K	25x	as long as short