Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.3259%/8h= +356.8% APRpaid last 24h +0.576%

Price spread now: GMX against BingX−0.072%7-day average — · you buy dearer than you sell

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

Long on BingX 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 0.072% cheaper against BingX than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2 hours of funding at the current rate (+$98 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ORDI-USDT	4.8830	0.0100	pay 0.0050% / 4h	2h 48m	—	$26.9M	—
Short	GMX ORDI/USD [WBTC.b-USDC]	4.8795	L +0.0239% / S −0.3359%	get 0.0420% / 1h	48m 39s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $684.29
Price spread: −0.072% → 0.000%: −$7.25
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $655.04
Costs to cover: 0.220%
Break-even: 0.3 days

Slippage unknown: BingX: live order book, 10 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 BingX live order book, 10 min ago	1.03 bp	7.0 bp −$7	13.2 bp −$132	36.0 bp −$3,603	387.4 bp −$193.7K
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	−0.0716%	1h	4.8745	−0.175%	$69K	$47K	25x	as long as short
Gate ORDI_USDT	−0.0346%	4h	4.8780	−0.102%	$1.3M	$2.7M	50x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.8811	−0.040%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.717%	$776	$20K	5.5x	as long as short
BloFin ORDI-USDT	+0.0041%	4h	4.8790	−0.082%	$597K	$299K	75x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8862	+0.066%	$705K	$665K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8819	−0.023%	$7K	$427K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8829	−0.002%	$9.9M	$33.9M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8780	−0.102%	$4.1M	$4.7M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8840	+0.020%	$5.2M	$17.7M	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ORDI_USDT	+0.0100%	4h	4.8830	0.000%	$6.6M	$3.3M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8812	−0.037%	$973K	$821K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.8830	0.000%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDTlong	+0.0100%	4h	4.8830	long leg	—	$26.9M	—
Variational Omni ORDI	+0.0100%	4h	4.8806	−0.048%	$24K	$42K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8760	−0.143%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8770	−0.123%	$85K	$426K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8802	−0.058%	$2K	$182K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0239% / S −0.3359%	1h	4.8795	−0.072%	$8K	—	100x