Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.029%

Price spread now: BingX against GMX−0.004%7-day average — · you buy dearer than you sell

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

Long on GMX Short on BingX

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.8532	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	31m 16s	$8K	—	100x
Short	BingX ORDI-USDT	4.8530	0.0100	get 0.0050% / 4h	1h 31m	—	$24.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$29.09
Price spread: −0.004% → 0.000%: −$0.45
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$51.54
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 7 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 BingX live order book, 7 min ago	1.03 bp	10.8 bp −$11	12.1 bp −$121	34.5 bp −$3,449	305.1 bp −$152.6K

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	4.8559	+0.055%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.145%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8613	+0.167%	$706K	$647K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8550	+0.038%	$5K	$415K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8518	−0.028%	$9.9M	$30.9M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8460	−0.149%	$4.1M	$4.2M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8470	−0.128%	$5.3M	$16.2M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8510	−0.046%	$1.2M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8560	+0.057%	$7.0M	$3.2M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8551	+0.039%	$928K	$826K	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	4.8510	−0.046%	$2.9M	$3.0M	50x	as long as short
BingX ORDI-USDTshort	+0.0100%	4h	4.8530	−0.004%	—	$24.3M	—
Variational Omni ORDI	+0.0100%	4h	4.8559	+0.056%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8480	−0.107%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8480	−0.107%	$88K	$362K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8551	+0.038%	$5K	$172K	5x	as long as short
BloFin ORDI-USDT	+0.0143%	4h	4.8530	−0.004%	$603K	$307K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.8532	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.2961%	1h	4.8645	+0.232%	$66K	$42K	25x	as long as short