Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.039%

Price spread now: HTX against GMX−0.133%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 HTX

What this pair did over the last

the charts below follow

Funding, last 4 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 HTX is 0.133% cheaper against GMX than usual: you would sell low and buy high (−$13 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]	4.8815	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	20m 19s	$8K	—	100x
Short	HTX ORDI-USDT	4.8750	0.0100	get 0.0050% / 4h	3h 20m	$87K	$343K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$29.22
Price spread: −0.133% → 0.000%: −$13.34
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$66.56
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 12 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 HTX live order book, 12 min ago	8.28 bp	35.0 bp −$35	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
Kraken Futures PF_ORDIUSD	−0.0449%	1h	4.8809	−0.012%	$69K	$43K	25x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8798	−0.036%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.689%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8859	+0.090%	$704K	$654K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8864	+0.101%	$10K	$344K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8834	+0.039%	$9.9M	$33.8M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8810	−0.010%	$4.1M	$4.4M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8830	+0.031%	$5.2M	$17.8M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8810	−0.010%	$1.2M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8820	+0.010%	$6.8M	$3.2M	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	4.8816	+0.002%	$1.0M	$792K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8830	+0.031%	$2.8M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8800	−0.031%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8853	+0.077%	$25K	$33K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8800	−0.031%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDTshort	+0.0100%	4h	4.8750	−0.133%	$87K	$343K	75x
Extended ORDI-USD	+0.0104%	1h	4.8837	+0.045%	$5K	$223K	5x	as long as short
BloFin ORDI-USDT	+0.0117%	4h	4.8900	+0.174%	$595K	$300K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.8815	long leg	$8K	—	100x