Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.030%

Price spread now: OKX against GMX−0.096%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 OKX

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 OKX is 0.096% cheaper against GMX than usual: you would sell low and buy high (−$10 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]	4.8627	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	24m 39s	$8K	—	100x
Short	OKX ORDI-USDT-SWAP	4.8580	0.0100	get 0.0050% / 4h	24m 39s	$5.3M	$16.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$29.12
Price spread: −0.096% → 0.000%: −$9.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$60.72
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 4 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 OKX live order book, 4 min ago	1.03 bp	16.3 bp −$16	46.2 bp −$462	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	4.8627	0.000%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.327%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8712	+0.176%	$708K	$651K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8669	+0.087%	$4K	$418K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8636	+0.020%	$10.0M	$31.3M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8610	−0.034%	$4.1M	$4.2M	50x	as long as short
OKX ORDI-USDT-SWAPshort	+0.0100%	4h	4.8580	−0.096%	$5.3M	$16.4M	20x
Gate ORDI_USDT	+0.0100%	4h	4.8640	+0.027%	$1.3M	$2.8M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8650	+0.048%	$7.0M	$3.3M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8629	+0.005%	$933K	$810K	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	4.8630	+0.007%	$2.9M	$3.0M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8680	+0.110%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8664	+0.078%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8580	−0.096%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8580	−0.096%	$88K	$355K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8626	−0.001%	$5K	$172K	5x	as long as short
BloFin ORDI-USDT	+0.0160%	4h	4.8660	+0.069%	$608K	$308K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.8627	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.3039%	1h	4.8753	+0.260%	$65K	$43K	25x	as long as short