Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX−0.023%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 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. BingX is 0.023% cheaper against dYdX than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ORDI-USD	4.8541	0	get 0.0000% / 1h	47m 23s	$33K	$651	5x
Short	BingX ORDI-USDT	4.8530	0.0100	get 0.0050% / 4h	1h 47m	—	$24.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.023%Rate

Funding earned: $21
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1.29
Costs to cover: 0.200%
Break-even: 7.4 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 6 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	1.03 bp	6.0 bp −$6	10.6 bp −$106	35.8 bp −$3,583	323.9 bp −$161.9K

dYdX: 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-USDlong	0.0000%	1h	4.8541	long leg	$33K	$651	5x
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−6.162%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.8609	+0.140%	$706K	$645K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.8542	+0.003%	$5K	$415K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.8538	−0.006%	$9.9M	$30.8M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8490	−0.105%	$4.1M	$4.2M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.8490	−0.105%	$5.3M	$16.1M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8510	−0.064%	$1.2M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.8570	+0.060%	$7.0M	$3.2M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8524	−0.035%	$928K	$823K	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	4.8530	−0.023%	$2.9M	$3.0M	50x	as long as short
BingX ORDI-USDTshort	+0.0100%	4h	4.8530	−0.023%	—	$24.5M	—
Variational Omni ORDI	+0.0100%	4h	4.8536	−0.011%	$24K	$56K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.8520	−0.044%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.8480	−0.126%	$88K	$363K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.8532	−0.019%	$5K	$172K	5x	as long as short
BloFin ORDI-USDT	+0.0130%	4h	4.8540	−0.002%	$601K	$299K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0238% / S −0.3359%	1h	4.8516	−0.052%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSD	+0.2960%	1h	4.8660	+0.244%	$66K	$42K	25x	as long as short