Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.039%

Price spread now: Bybit against GMX−0.061%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.061% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ORDI/USD [WBTC.b-USDC]	4.7939	L +0.0238% / S −0.3359%	pay 0.0030% / 1h	6m 02s	$8K	—	100x
Short	Bybit ORDIUSDT	4.7910	0.0100	get 0.0050% / 4h	1h 06m	$4.0M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$29.04
Price spread: −0.061% → 0.000%: −$6.15
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.18
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	3.13 bp	24.7 bp −$25	78.5 bp −$785	doesn't fit	doesn't fit

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 exchanges

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	−0.1168%	1h	4.7876	−0.133%	$68K	$43K	25x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.7907	−0.068%	$33K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−4.984%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.7994	+0.114%	$692K	$650K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.7953	+0.028%	$9K	$258K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.7967	+0.057%	$9.6M	$32.7M	50x	as long as short
Bybit ORDIUSDTshort	+0.0100%	4h	4.7910	−0.061%	$4.0M	$4.3M	50x
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.7920	−0.041%	$4.9M	$17.7M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.7910	−0.061%	$1.2M	$2.6M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.7960	+0.043%	$6.7M	$3.0M	200x	as long as short

Show all 19 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ORDIUSDTM	+0.0100%	4h	4.7935	−0.009%	$963K	$766K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.7940	+0.001%	$2.7M	$3.4M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.7960	+0.043%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.7833	−0.221%	$25K	$33K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.7860	−0.166%	$1K	$1.1M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.7820	−0.249%	$82K	$353K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.7952	+0.026%	$6K	$223K	5x	as long as short
BloFin ORDI-USDT	+0.0127%	4h	4.7920	−0.041%	$568K	$285K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]long	L +0.0238% / S −0.3359%	1h	4.7939	long leg	$8K	—	100x