Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2952%/8h= −323.2% APRpaid last 24h −0.193%

Price spread now: SunX against Kraken Futures−0.014%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.866%+$87 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$89 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.866%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.866% in total (about 45.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ORDIUSD	4.9007	0.3052	pay 0.0381% / 1h	35m 57s	$72K	$49K	25x
Short	SunX ORDI-USDT	4.9000	0.0100	get 0.0050% / 4h	2h 35m	$2K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Kraken Futures. 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 Kraken FuturesbpFee SunXbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$619.86
Price spread: −0.014% → 0.000%: −$1.44
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$639.3
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; SunX: live order book, 8 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell SunX live order book, 8 min ago	30.59 bp	49.4 bp −$49	doesn't fit	doesn't fit	doesn't fit

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 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-USD	0.0000%	1h	4.8902	−0.215%	$34K	$651	5x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.054%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9113	+0.216%	$710K	$661K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9044	+0.076%	$7K	$422K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9050	+0.088%	$10.1M	$33.2M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.8990	−0.035%	$4.2M	$4.6M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9020	+0.026%	$5.3M	$17.5M	20x	as long as short
Gate ORDI_USDT	+0.0100%	4h	4.8960	−0.096%	$1.3M	$2.7M	50x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9070	+0.128%	$7.1M	$3.5M	200x	as long as short
KuCoin ORDIUSDTM	+0.0100%	4h	4.8985	−0.045%	$918K	$888K	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	4.9020	+0.026%	$2.9M	$3.4M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.8990	−0.035%	—	$2.3M	—	as long as short
Variational Omni ORDI	+0.0100%	4h	4.9027	+0.042%	$24K	$56K	—	as long as short
SunX ORDI-USDTshort	+0.0100%	4h	4.9000	−0.014%	$2K	$1.2M	20x
HTX ORDI-USDT	+0.0100%	4h	4.8970	−0.076%	$89K	$356K	75x	as long as short
BloFin ORDI-USDT	+0.0100%	4h	4.9110	+0.210%	$610K	$314K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9058	+0.104%	$5K	$193K	5x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0240% / S −0.3359%	1h	4.9048	+0.083%	$8K	—	100x	as long as short
Kraken Futures PF_ORDIUSDlong	+0.3052%	1h	4.9007	long leg	$72K	$49K	25x