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= −15.1% APRpaid last 24h −0.029%

Price spread now: SunX against GMX−0.093%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 SunX

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 SunX is 0.093% cheaper against GMX than usual: you would sell low and buy high (−$9 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]	4.8435	L +0.0238% / S −0.3359%	pay 0.0030% / 1h	8m 43s	$8K	—	100x
Short	SunX ORDI-USDT	4.8390	0.0100	get 0.0050% / 4h	2h 08m	$1K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$29.05
Price spread: −0.093% → 0.000%: −$9.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$58.34
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: 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 SunX live order book, 5 min ago	30.99 bp	50.0 bp −$50	doesn't fit	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	4.8394	−0.086%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−5.956%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8504	+0.143%	$706K	$645K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8470	+0.073%	$5K	$415K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8460	+0.052%	$9.8M	$30.7M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8410	−0.052%	$4.1M	$4.2M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8450	+0.031%	$5.3M	$16.2M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8410	−0.052%	$1.2M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8450	+0.031%	$7.0M	$3.3M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8457	+0.045%	$926K	$823K	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	4.8440	+0.010%	$2.8M	$2.9M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8410	−0.052%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8389	−0.094%	$24K	$56K	—	as long as short
SunX ORDI-USDTshort	+0.0100%	4h	4.8390	−0.093%	$1K	$1.2M	20x
HTX ORDI-USDT	+0.0100%	4h	4.8410	−0.052%	$88K	$362K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8440	+0.010%	$5K	$172K	5x	as long as short
BloFin ORDI-USDT	+0.0145%	4h	4.8420	−0.031%	$605K	$299K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0238% / S −0.3359%	1h	4.8435	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.2505%	1h	4.8568	+0.275%	$66K	$42K	25x	as long as short