Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0521%/8h= −57.1% APRpaid last 24h +0.190%

Price spread now: Kraken Futures against Bybit+0.054%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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.609%−$61 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.054% dearer against Bybit than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ORDIUSDT	4.8490	0.0100	pay 0.0050% / 4h	2h 55m	$4.0M	$4.3M	50x
Short	Kraken Futures PF_ORDIUSD	4.8516	−0.0421	pay 0.0053% / 1h	55m 54s	$69K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$109.5
Price spread: +0.054% → 0.000%: $5.39
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$125.11
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Kraken Futures: 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, 2 min ago	2.05 bp	25.1 bp −$25	68.2 bp −$682	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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
Kraken Futures PF_ORDIUSDshort	−0.0421%	1h	4.8516	+0.054%	$69K	$43K	25x
dYdX ORDI-USD	0.0000%	1h	4.8705	+0.444%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.063%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8653	+0.336%	$701K	$641K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8563	+0.151%	$10K	$290K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8542	+0.107%	$9.9M	$33.1M	50x	as long as short
Bybit ORDIUSDTlong	+0.0100%	4h	4.8490	long leg	$4.0M	$4.3M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8460	−0.062%	$5.2M	$17.5M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8510	+0.041%	$1.2M	$2.5M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8560	+0.144%	$6.8M	$3.1M	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	4.8563	+0.151%	$1.0M	$775K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8550	+0.124%	$2.8M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8590	+0.206%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8546	+0.115%	$25K	$33K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8520	+0.062%	$2K	$1.1M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8570	+0.165%	$84K	$349K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8553	+0.131%	$7K	$228K	5x	as long as short
BloFin ORDI-USDT	+0.0104%	4h	4.8660	+0.351%	$586K	$296K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.8611	+0.249%	$8K	—	100x	as long as short