Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.030%

Price spread now: Variational Omni against GMX+0.050%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.050% dearer against GMX than usual: you sell high and buy low (spread +0.050% 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 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.9596	L +0.0240% / S −0.3359%	pay 0.0030% / 1h	2m 47s	$9K	—	100x
Short	Variational Omni ORDI	4.9621	0.0100	get 0.0050% / 4h	3h 02m	$24K	$56K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.050%Rate

Funding earned: −$29.39
Price spread: +0.050% → 0.000%: $5.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$36.35
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

GMX and Variational Omni: 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	4.9732	+0.274%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−8.158%	$776	$20K	5.5x	as long as short
Gate ORDI_USDT	+0.0096%	4h	4.9620	+0.049%	$1.3M	$2.7M	50x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9745	+0.301%	$720K	$649K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9615	+0.038%	$3K	$408K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9660	+0.130%	$10.3M	$32.0M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9630	+0.069%	$4.2M	$4.4M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9650	+0.109%	$5.4M	$17.1M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9650	+0.109%	$7.2M	$3.4M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.9629	+0.067%	$942K	$827K	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	4.9640	+0.089%	$2.9M	$3.1M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.9720	+0.250%	—	$2.3M	—	as long as short
Variational Omni ORDIshort	+0.0100%	4h	4.9621	+0.050%	$24K	$56K	—
SunX ORDI-USDT	+0.0100%	4h	4.9540	−0.113%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9630	+0.069%	$90K	$351K	75x	as long as short
BloFin ORDI-USDT	+0.0103%	4h	4.9550	−0.092%	$615K	$315K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9647	+0.103%	$4K	$192K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0240% / S −0.3359%	1h	4.9596	long leg	$9K	—	100x
Kraken Futures PF_ORDIUSD	+0.2920%	1h	4.9729	+0.269%	$66K	$40K	25x	as long as short