Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against KuCoin+0.031%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.031%, 7d avg +0.006%

Together, before fees+0.007%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.025% dearer against KuCoin than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ORDIUSDTM	4.9055	0.0100	pay 0.0050% / 4h	2h 47m	$914K	$885K	50x
Short	BingX ORDI-USDT	4.9070	0.0100	get 0.0050% / 4h	2h 47m	—	$27.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → +0.006%: $2.49
Slippage, 4 orders: −$59
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$78.5
Costs to cover: 0.810%
Break-even: never at this rate

Slippage from KuCoin: live order book, 12 min ago; BingX: live order book, 7 min ago.

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 KuCoin live order book, 12 min ago	8.65 bp	39.6 bp −$40	1083.6 bp −$10.8K	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	1.02 bp	7.5 bp −$8	11.2 bp −$112	40.9 bp −$4,091	333.5 bp −$166.8K

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	4.9057	+0.004%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.145%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9122	+0.137%	$711K	$661K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9043	−0.025%	$9K	$418K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9057	+0.004%	$10.1M	$33.0M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9010	−0.092%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9010	−0.092%	$5.3M	$17.4M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.9070	+0.031%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9040	−0.031%	$7.0M	$3.4M	200x	as long as short
KuCoin ORDIUSDTMlong	+0.0100%	4h	4.9055	long leg	$914K	$885K	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ORDIUSDT	+0.0100%	4h	4.9040	−0.031%	$2.9M	$3.4M	50x	as long as short
BingX ORDI-USDTshort	+0.0100%	4h	4.9070	+0.031%	—	$27.3M	—
Variational Omni ORDI	+0.0100%	4h	4.8997	−0.117%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8970	−0.173%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9000	−0.112%	$89K	$355K	75x	as long as short
BloFin ORDI-USDT	+0.0100%	4h	4.9110	+0.112%	$610K	$314K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9026	−0.058%	$2K	$189K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.8998	−0.116%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSD	+0.3055%	1h	4.8958	−0.198%	$72K	$49K	25x	as long as short