ORDI

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.129%

7d average—if it closes, per $10,000$13funding while held, a day+$2.84

Long on Hyperliquid Short on Kraken Futures

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ORDI	4.9227	0.0100	pay 0.0013% / 1h	23m 37s	$913K	$534K	3x
Short	Kraken Futures PF_ORDIUSD	4.9164	0.0195	get 0.0024% / 1h	23m 37s	$65K	$35K	25x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee HyperliquidbpFee Kraken FuturesbpOrdersClose when spread is

Spread captured: −$12.86
Funding while held: $2.84
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$29.02
Spread needed to break even: 0.190%

Slippage unknown: Hyperliquid: live order book, 38 min ago; Kraken Futures: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0095%
Per $10,000 a day: +$2.84
Average in range /8h: —

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 Hyperliquid live order book, 38 min ago	1.02 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective4.5550cheapest

SunX4.9000+7.574%Bybit4.9100+7.794%Gate4.9100+7.794%BingX4.9100+7.794%BloFin4.9100+7.794%Variational Omni4.9102+7.798%dYdX4.9107+7.809%KuCoin4.9118+7.833%OKX4.9130+7.859%Bitget4.9130+7.859%Extended4.9149+7.900%Binance4.9153+7.911%Aster4.9154+7.913%MEXC4.9160+7.925%

Kraken Futures4.9164+7.933%

HTX4.9170+7.947%GMX4.9189+7.989%

Hyperliquid4.9227+8.072%

ORDI on 19 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective ORDI/USDC PERP	−7.469%	+0.0033%	1h	$776	$20K	5.5x	as long as short
SunX ORDI-USDT	−0.461%	+0.0100%	4h	$1K	$1.2M	20x	as long as short
Bybit ORDIUSDT	−0.258%	+0.0100%	4h	$4.1M	$3.8M	50x	as long as short
Gate ORDI_USDT	−0.258%	+0.0026%	4h	$1.3M	$2.7M	50x	as long as short
BingX ORDI-USDC	−0.258%	+0.0100%	4h	—	$2.3M	—	as long as short
BloFin ORDI-USDT	−0.258%	+0.0103%	4h	$630K	$295K	75x	as long as short
Variational Omni ORDI	−0.253%	+0.0100%	4h	$24K	$58K	—	as long as short
dYdX ORDI-USD	−0.244%	0.0000%	1h	$34K	$651	5x	as long as short
KuCoin ORDIUSDTM	−0.221%	+0.0100%	4h	$889K	$812K	50x	as long as short
OKX ORDI-USDT-SWAP	−0.197%	+0.0100%	4h	$5.4M	$16.1M	20x	as long as short

Show all 19 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget ORDIUSDT	−0.197%	+0.0100%	4h	$2.9M	$2.8M	50x	as long as short
Extended ORDI-USD	−0.159%	+0.0104%	1h	$5K	$172K	5x	as long as short
Binance ORDIUSDT	−0.150%	+0.0100%	4h	$9.9M	$29.5M	50x	as long as short
Aster ORDIUSDT	−0.148%	+0.0100%	4h	$17K	$404K	5x	as long as short
MEXC ORDI_USDT	−0.136%	+0.0100%	4h	$6.7M	$3.1M	200x	as long as short
Kraken Futures PF_ORDIUSDshort	−0.129%	+0.0195%	1h	$65K	$35K	25x
HTX ORDI-USDT	−0.116%	+0.0100%	4h	$85K	$349K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	−0.077%	L +0.0239% / S −0.3359%	1h	$8K	—	100x	as long as short
Hyperliquid ORDIlong	0.000%	+0.0100%	1h	$913K	$534K	3x