Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0139%/8h= −15.3% APRpaid last 24h −0.031%

Price spread now: KuCoin against GMX−0.027%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 KuCoin

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.027% cheaper against GMX than usual: you would sell low and buy high (−$3 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]	4.8982	L +0.0239% / S −0.3359%	pay 0.0030% / 1h	50m 55s	$8K	—	100x
Short	KuCoin ORDIUSDTM	4.8969	0.0100	get 0.0050% / 4h	1h 50m	$939K	$868K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$29.28
Price spread: −0.027% → 0.000%: −$2.71
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$56
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	7.87 bp	30.7 bp −$31	570.0 bp −$5,700	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 18 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	−0.0349%	1h	4.9013	+0.062%	$72K	$46K	25x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8936	−0.094%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.007%	$776	$20K	5.5x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8999	+0.034%	$13K	$427K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8990	+0.016%	$10.1M	$33.2M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8960	−0.045%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8980	−0.005%	$5.3M	$17.4M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8970	−0.025%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9010	+0.057%	$7.0M	$3.3M	200x	as long as short
KuCoin ORDIUSDTMshort	+0.0100%	4h	4.8969	−0.027%	$939K	$868K	50x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ORDIUSDT	+0.0100%	4h	4.9010	+0.057%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8950	−0.066%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8995	+0.027%	$24K	$55K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8930	−0.107%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8950	−0.066%	$79K	$383K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8986	+0.007%	$3K	$192K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0239% / S −0.3359%	1h	4.8982	long leg	$8K	—	100x
Hyperliquid ORDI	+0.0277%	1h	4.9064	+0.167%	$708K	$660K	3x	as long as short