Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0138%/8h= −15.2% APRpaid last 24h −0.029%

Price spread now: Bybit against GMX−0.047%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 Bybit

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.047% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.8583	L +0.0238% / S −0.3359%	pay 0.0030% / 1h	27m 47s	$8K	—	100x
Short	Bybit ORDIUSDT	4.8560	0.0100	get 0.0050% / 4h	2h 27m	$4.2M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$29.08
Price spread: −0.047% → 0.000%: −$4.74
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$56.82
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	3.10 bp	27.1 bp −$27	67.2 bp −$672	doesn't fit	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 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	4.8500	−0.171%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.243%	$776	$20K	5.5x	as long as short
Gate ORDI_USDT	+0.0092%	4h	4.8550	−0.068%	$1.2M	$2.7M	50x	as long as short
BloFin ORDI-USDT	+0.0095%	4h	4.8550	−0.068%	$602K	$299K	75x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8668	+0.175%	$709K	$644K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8602	+0.040%	$4K	$415K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8600	+0.035%	$9.9M	$30.7M	50x	as long as short
Bybit ORDIUSDTshort	+0.0100%	4h	4.8560	−0.047%	$4.2M	$4.2M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8600	+0.035%	$5.3M	$16.1M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8600	+0.035%	$7.1M	$3.3M	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	4.8555	−0.058%	$928K	$823K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8560	−0.047%	$2.8M	$2.9M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8520	−0.130%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8393	−0.391%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8510	−0.150%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8550	−0.068%	$88K	$362K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8575	−0.017%	$5K	$172K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0238% / S −0.3359%	1h	4.8583	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.2497%	1h	4.8731	+0.304%	$66K	$42K	25x	as long as short