Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.3259%/8h= +356.8% APRpaid last 24h +0.654%

Price spread now: GMX against OKX−0.021%7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

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

Funding pays, the price is against you. GMX is 0.021% cheaper against OKX than usual: you would sell low and buy high (spread −0.021% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about under an hour of funding at the current rate (+$98 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ORDI-USDT-SWAP	4.8850	0.0100	pay 0.0050% / 4h	2m 10s	$5.2M	$17.8M	20x
Short	GMX ORDI/USD [WBTC.b-USDC]	4.8840	L +0.0240% / S −0.3359%	get 0.0420% / 1h	2m 10s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $684.29
Price spread: −0.021% → 0.000%: −$2.15
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $660.14
Costs to cover: 0.220%
Break-even: 0.2 days

Slippage unknown: OKX: live order book, 1 min ago; GMX: 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 OKX live order book, 1 min ago	2.05 bp	12.5 bp −$13	41.3 bp −$413	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0304%	1h	4.8824	−0.054%	$69K	$43K	25x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8806	−0.091%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.755%	$776	$20K	5.5x	as long as short
Gate ORDI_USDT	+0.0068%	4h	4.8840	−0.020%	$1.2M	$2.7M	50x	as long as short
BloFin ORDI-USDT	+0.0087%	4h	4.8930	+0.164%	$594K	$309K	75x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8946	+0.197%	$705K	$668K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8871	+0.043%	$10K	$347K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8880	+0.061%	$10.0M	$33.8M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8830	−0.041%	$4.1M	$4.5M	50x	as long as short
OKX ORDI-USDT-SWAPlong	+0.0100%	4h	4.8850	long leg	$5.2M	$17.8M	20x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ORDI_USDT	+0.0100%	4h	4.8890	+0.082%	$6.6M	$3.3M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8869	+0.039%	$1.0M	$793K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8860	+0.020%	$2.8M	$3.5M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.8860	+0.020%	—	$26.9M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.8763	−0.177%	$26K	$32K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8770	−0.164%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8810	−0.082%	$85K	$338K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8863	+0.026%	$2K	$222K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0240% / S −0.3359%	1h	4.8840	−0.021%	$8K	—	100x