Funding arb · Price arb /

ORDI

all ORDI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.030%

Price spread now: MEXC against GMX+0.045%7-day average — · you sell dearer than you buy

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

Long on GMX Short on MEXC

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

The price spread pays, funding is against you. MEXC is 0.045% dearer against GMX than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.9048	L +0.0240% / S −0.3359%	pay 0.0030% / 1h	35m 55s	$8K	—	100x
Short	MEXC ORDI_USDT	4.9070	0.0100	get 0.0050% / 4h	2h 35m	$7.1M	$3.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$29.3
Price spread: +0.045% → 0.000%: $4.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$36.75
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 2 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 MEXC live order book, 2 min ago	2.04 bp	5.6 bp −$6	40.6 bp −$406	55.3 bp −$5,526	104.9 bp −$52.4K

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
dYdX ORDI-USD	0.0000%	1h	4.8902	−0.298%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.131%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9113	+0.133%	$710K	$661K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9044	−0.007%	$7K	$422K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9050	+0.005%	$10.1M	$33.2M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8990	−0.118%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9020	−0.057%	$5.3M	$17.5M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8960	−0.179%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDTshort	+0.0100%	4h	4.9070	+0.045%	$7.1M	$3.5M	200x
KuCoin ORDIUSDTM	+0.0100%	4h	4.8985	−0.128%	$918K	$888K	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	4.9020	−0.057%	$2.9M	$3.4M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8990	−0.118%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9027	−0.041%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9000	−0.097%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8970	−0.158%	$89K	$356K	75x	as long as short
BloFin ORDI-USDT	+0.0100%	4h	4.9110	+0.127%	$610K	$314K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9058	+0.021%	$5K	$193K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0240% / S −0.3359%	1h	4.9048	long leg	$8K	—	100x
Kraken Futures PF_ORDIUSD	+0.3052%	1h	4.9007	−0.083%	$72K	$49K	25x	as long as short