Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.3236%/8h= +354.4% APRpaid last 24h +0.524%

Price spread now: GMX against BloFin−0.264%51s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.264% cheaper against BloFin than usual: you would sell low and buy high (spread −0.264% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 7 hours of funding at the current rate (+$97 a day). The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ORDI-USDT	4.9350	0.0122	pay 0.0061% / 4h	3h 16m	$607K	$309K	75x
Short	GMX ORDI/USD [WBTC.b-USDC]	4.9220	L +0.0240% / S −0.3359%	get 0.0420% / 1h	16m 25s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.264%Rate

Funding earned: $679.6
Price spread: −0.264% → 0.000%: −$26.38
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $629.22
Costs to cover: 0.240%
Break-even: 0.5 days

Slippage unknown: BloFin: live order book, 15 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 BloFin live order book, 15 min ago	3.02 bp	12.0 bp −$12	23.3 bp −$233	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	−0.0571%	1h	4.9171	−0.363%	$72K	$43K	25x	as long as short
Gate ORDI_USDT	−0.0408%	4h	4.9230	−0.243%	$1.3M	$2.8M	50x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.9196	−0.312%	$34K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.700%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9302	−0.097%	$711K	$663K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9301	−0.098%	$5K	$426K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9247	−0.208%	$10.0M	$33.9M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9220	−0.263%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9210	−0.284%	$5.3M	$17.8M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9280	−0.142%	$6.6M	$3.3M	200x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ORDIUSDTM	+0.0100%	4h	4.9251	−0.201%	$973K	$834K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.9210	−0.284%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.9340	−0.020%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9271	−0.159%	$24K	$42K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9160	−0.385%	$2K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9320	−0.061%	$83K	$412K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9234	−0.236%	$4K	$180K	5x	as long as short
BloFin ORDI-USDTlong	+0.0122%	4h	4.9350	long leg	$607K	$309K	75x
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0240% / S −0.3359%	1h	4.9220	−0.264%	$8K	—	100x