Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bybit against dYdX−0.125%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 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. Bybit is 0.125% cheaper against dYdX than usual: you would sell low and buy high (spread −0.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ORDI-USD	4.9031	0	get 0.0000% / 1h	23m 42s	$34K	$577	5x
Short	Bybit ORDIUSDT	4.8970	0.0100	get 0.0050% / 4h	1h 23m	$4.1M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: $21
Price spread: −0.125% → 0.000%: −$12.48
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.48
Costs to cover: 0.210%
Break-even: 11.2 days

Slippage unknown: dYdX: no order-book sample; Bybit: 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	4.09 bp	22.4 bp −$22	81.2 bp −$812	doesn't fit	doesn't fit

dYdX: 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
Kraken Futures PF_ORDIUSD	−0.0540%	1h	4.9120	+0.181%	$70K	$44K	25x	as long as short
Gate ORDI_USDT	−0.0074%	4h	4.9100	+0.140%	$1.3M	$2.7M	50x	as long as short
dYdX ORDI-USDlong	0.0000%	1h	4.9031	long leg	$34K	$577	5x
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.100%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9109	+0.159%	$708K	$667K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9064	+0.067%	$4K	$423K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9059	+0.057%	$10.0M	$34.5M	50x	as long as short
Bybit ORDIUSDTshort	+0.0100%	4h	4.8970	−0.125%	$4.1M	$4.7M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8990	−0.084%	$5.2M	$18.2M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9030	−0.002%	$6.5M	$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	4.9099	+0.138%	$997K	$820K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.9060	+0.059%	$2.8M	$3.6M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.9080	+0.100%	—	$26.9M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9086	+0.113%	$27K	$42K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9070	+0.079%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9060	+0.059%	$85K	$431K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9013	−0.038%	$3K	$159K	5x	as long as short
BloFin ORDI-USDT	+0.0130%	4h	4.9160	+0.263%	$602K	$313K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0240% / S −0.3359%	1h	4.9125	+0.192%	$8K	—	100x	as long as short