Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0139%/8h= −15.3% APRpaid last 24h −0.030%

Price spread now: Binance against GMX+0.128%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Binance

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

The price spread pays, funding is against you. Binance is 0.128% dearer against GMX than usual: you sell high and buy low (spread +0.128% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.9020	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	23m 07s	$8K	—	100x
Short	Binance ORDIUSDT	4.9083	0.0100	get 0.0050% / 4h	2h 23m	$10.1M	$33.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.128%Rate

Funding earned: −$29.28
Price spread: +0.128% → 0.000%: $12.78
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$38.5
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	1.01 bp	14.9 bp −$15	32.8 bp −$328	343.3 bp −$34.3K	doesn't fit

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 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	4.9130	+0.225%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.079%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9153	+0.271%	$710K	$660K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9101	+0.165%	$7K	$420K	5x	as long as short
Binance ORDIUSDTshort	+0.0100%	4h	4.9083	+0.128%	$10.1M	$33.2M	50x
Bybit ORDIUSDT	+0.0100%	4h	4.9030	+0.020%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9060	+0.082%	$5.3M	$17.5M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.9070	+0.102%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9080	+0.122%	$7.1M	$3.5M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.9084	+0.131%	$935K	$875K	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	4.9090	+0.143%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.9070	+0.102%	—	$27.1M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9202	+0.371%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9030	+0.020%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8990	−0.061%	$79K	$383K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9060	+0.081%	$5K	$193K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.9020	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.3053%	1h	4.8993	−0.056%	$72K	$47K	25x	as long as short