Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against OKX+0.041%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$720.724% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 7 days−0.085%−$9 · spread now +0.041%, 7d avg −0.024%

Together, before fees−0.135%−$14 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: Bybit is 0.065% dearer against OKX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ORDI-USDT-SWAP	4.8790	0.0100	pay 0.0050% / 4h	1m 44s	$5.3M	$16.6M	20x
Short	Bybit ORDIUSDT	4.8810	0.0100	get 0.0050% / 4h	1m 44s	$4.1M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → −0.024%: $6.48
Slippage, 4 orders: −$51.4
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$65.92
Costs to cover: 0.724%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Bybit: live order book, 6 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 OKX live order book, 2 min ago	2.05 bp	15.9 bp −$16	45.4 bp −$454	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	2.06 bp	23.4 bp −$23	70.2 bp −$702	doesn't fit	doesn't fit

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	4.8771	−0.040%	$33K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.641%	$776	$20K	5.5x	as long as short
BloFin ORDI-USDT	+0.0088%	4h	4.8780	−0.020%	$601K	$309K	75x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8922	+0.271%	$710K	$653K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8826	+0.075%	$5K	$420K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8840	+0.102%	$10.0M	$31.5M	50x	as long as short
Bybit ORDIUSDTshort	+0.0100%	4h	4.8810	+0.041%	$4.1M	$4.3M	50x
OKX ORDI-USDT-SWAPlong	+0.0100%	4h	4.8790	long leg	$5.3M	$16.6M	20x
Gate ORDI_USDT	+0.0100%	4h	4.8790	0.000%	$1.3M	$2.8M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8830	+0.082%	$7.0M	$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	4.8810	+0.041%	$943K	$812K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8840	+0.102%	$2.9M	$3.0M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8780	−0.020%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8528	−0.536%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8740	−0.102%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8770	−0.041%	$89K	$355K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8820	+0.062%	$5K	$172K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0239% / S −0.3359%	1h	4.8789	−0.002%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSD	+0.3029%	1h	4.8912	+0.249%	$66K	$43K	25x	as long as short