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 HTX−0.069%52s7-day average — · you buy dearer than you sell

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

Long on HTX 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 0.069% cheaper against HTX than usual: you would sell low and buy high (spread −0.069% 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). The two prices were read 52 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	HTX ORDI-USDT	4.9190	0.0100	pay 0.0050% / 4h	2h 02m	$85K	$439K	75x
Short	GMX ORDI/USD [WBTC.b-USDC]	4.9156	L +0.0240% / S −0.3359%	get 0.0420% / 1h	2m 21s	$8K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.069%Rate

Funding earned: $684.29
Price spread: −0.069% → 0.000%: −$6.91
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $653.38
Costs to cover: 0.240%
Break-even: 0.3 days

Slippage unknown: HTX: live order book, 46 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 HTX live order book, 46 min ago	17.43 bp	35.4 bp −$35	doesn't fit	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	−0.0710%	1h	4.9148	−0.085%	$70K	$47K	25x	as long as short
Gate ORDI_USDT	−0.0032%	4h	4.9150	−0.081%	$1.3M	$2.8M	50x	as long as short
dYdX ORDI-USD	0.0000%	1h	4.9161	−0.060%	$34K	$577	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.400%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9244	+0.110%	$710K	$667K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9173	−0.035%	$4K	$432K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9193	+0.006%	$10.1M	$34.6M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9130	−0.122%	$4.1M	$4.8M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9160	−0.061%	$5.3M	$18.3M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9190	0.000%	$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	4.9188	−0.004%	$999K	$831K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.9170	−0.041%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDT	+0.0100%	4h	4.9160	−0.061%	—	$26.9M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9201	+0.023%	$29K	$39K	—	as long as short
SunX ORDI-USDT	+0.0100%	4h	4.9120	−0.142%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDTlong	+0.0100%	4h	4.9190	long leg	$85K	$439K	75x
Extended ORDI-USD	+0.0104%	1h	4.9172	−0.036%	$7K	$184K	5x	as long as short
BloFin ORDI-USDT	+0.0108%	4h	4.9180	−0.020%	$597K	$315K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]short	L +0.0240% / S −0.3359%	1h	4.9156	−0.069%	$8K	—	100x