Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.3259%/8h= +356.8% APRpaid last 24h +0.252%

Price spread now: GMX against BingX−0.167%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on GMX

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

Funding pays, the price is against you. GMX is 0.167% cheaper against BingX than usual: you would sell low and buy high (spread −0.167% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 4 hours of funding at the current rate (+$98 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ORDI-USDT	4.9090	0.0100	pay 0.0050% / 4h	3h 31m	—	$24.5M	—
Short	GMX ORDI/USD [WBTC.b-USDC]	4.9008	L +0.0239% / S −0.3359%	get 0.0420% / 1h	31m 45s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −0.167%Rate

Funding earned: $684.29
Price spread: −0.167% → 0.000%: −$16.68
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $645.61
Costs to cover: 0.220%
Break-even: 0.4 days

Slippage unknown: BingX: live order book, 17 min ago; GMX: no order-book sample. 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 BingX live order book, 17 min ago	1.02 bp	10.6 bp −$11	14.3 bp −$143	48.5 bp −$4,853	396.1 bp −$198.1K
Sell GMX no order-book sample	—	—	—	—	—

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
Gate ORDI_USDT	−0.0006%	4h	4.9070	−0.041%	$1.3M	$2.7M	50x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.9054	−0.073%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.211%	$776	$20K	5.5x	as long as short
BloFin ORDI-USDT	+0.0084%	4h	4.9010	−0.163%	$618K	$287K	75x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9087	−0.006%	$5K	$416K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9074	−0.032%	$10.1M	$30.2M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9000	−0.183%	$4.1M	$4.0M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9030	−0.122%	$5.4M	$16.1M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9060	−0.061%	$7.1M	$3.2M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.9046	−0.090%	$914K	$821K	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	4.9070	−0.041%	$2.9M	$2.9M	50x	as long as short
BingX ORDI-USDTlong	+0.0100%	4h	4.9090	long leg	—	$24.5M	—
Variational Omni ORDI	+0.0100%	4h	4.8906	−0.375%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8950	−0.285%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9050	−0.081%	$85K	$352K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9053	−0.075%	$5K	$172K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0239% / S −0.3359%	1h	4.9008	−0.167%	$8K	—	100x
Hyperliquid ORDI	+0.0245%	1h	4.9189	+0.202%	$911K	$534K	3x	as long as short
Kraken Futures PF_ORDIUSD	+0.0567%	1h	4.9230	+0.285%	$66K	$42K	25x	as long as short