Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.010%

Price spread now: Bybit against Gate−0.102%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$880.877% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.102%, 7d avg −0.003%

Together, before fees+0.055%+$5 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 0.099% cheaper against Gate than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ORDI_USDT	4.9040	0.0100	pay 0.0050% / 4h	2h 31m	$1.3M	$2.7M	50x
Short	Bybit ORDIUSDT	4.8990	0.0100	get 0.0050% / 4h	2h 31m	$4.2M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0
Price spread: −0.102% → −0.003%: −$9.94
Slippage, 4 orders: −$61.69
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$97.63
Costs to cover: 0.877%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Bybit: live order book, 2 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 Gate live order book, 2 min ago	4.07 bp	22.6 bp −$23	187.3 bp −$1,873	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	3.05 bp	19.5 bp −$19	83.6 bp −$836	doesn't fit	doesn't fit

ORDI on 18 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	4.9092	+0.106%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.117%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9096	+0.114%	$709K	$662K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9059	+0.039%	$7K	$422K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9047	+0.015%	$10.1M	$33.2M	50x	as long as short
Bybit ORDIUSDTshort	+0.0100%	4h	4.8990	−0.102%	$4.2M	$4.6M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9020	−0.041%	$5.3M	$17.5M	20x	as long as short
Gate ORDI_USDTlong	+0.0100%	4h	4.9040	long leg	$1.3M	$2.7M	50x
MEXC ORDI_USDT	+0.0100%	4h	4.9040	0.000%	$7.1M	$3.5M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.9065	+0.051%	$920K	$877K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ORDIUSDT	+0.0100%	4h	4.9010	−0.061%	$2.9M	$3.4M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.9050	+0.020%	—	$27.2M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9062	+0.046%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8990	−0.102%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9020	−0.041%	$89K	$356K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9047	+0.015%	$5K	$193K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.9040	+0.001%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSD	+0.3053%	1h	4.8981	−0.120%	$72K	$49K	25x	as long as short