Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: OKX against dYdX−0.198%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. OKX is 0.198% cheaper against dYdX than usual: you would sell low and buy high (spread −0.198% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 6.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ORDI-USD	4.9057	0	get 0.0000% / 1h	47m 23s	$34K	$651	5x
Short	OKX ORDI-USDT-SWAP	4.8960	0.0100	get 0.0050% / 4h	2h 47m	$5.3M	$17.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against dYdX. 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 dYdXbpFee OKXbpOrdersPrice spread, now −0.198%Rate

Funding earned: $21
Price spread: −0.198% → 0.000%: −$19.8
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.8
Costs to cover: 0.200%
Break-even: 13.3 days

Slippage unknown: dYdX: no order-book sample; OKX: live order book, 1 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	2.04 bp	13.5 bp −$13	44.1 bp −$441	doesn't fit	doesn't fit

dYdX: 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-USDlong	0.0000%	1h	4.9057	long leg	$34K	$651	5x
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.149%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9097	+0.081%	$711K	$661K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9068	+0.022%	$9K	$418K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9038	−0.040%	$10.1M	$33.0M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9000	−0.116%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAPshort	+0.0100%	4h	4.8960	−0.198%	$5.3M	$17.4M	20x
Gate ORDI_USDT	+0.0100%	4h	4.9050	−0.015%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9040	−0.035%	$7.0M	$3.4M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.9058	+0.002%	$914K	$886K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ORDIUSDT	+0.0100%	4h	4.9050	−0.015%	$2.9M	$3.4M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.9090	+0.067%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8997	−0.122%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9000	−0.116%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8990	−0.137%	$89K	$355K	75x	as long as short
BloFin ORDI-USDT	+0.0100%	4h	4.9110	+0.108%	$610K	$314K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9047	−0.022%	$2K	$189K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.8998	−0.120%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSD	+0.3053%	1h	4.8985	−0.147%	$72K	$49K	25x	as long as short