Orbital velocity of a satellite is the velocity that is required to put the satellite into its orbit around the earth.
For the revolution of a satellite around the earth, there must be a centripetal force for the circular motion to happen.
The gravitational force which acts towards the center is providing the required centripetal force,
i.e
Where Centrifugal force,;
Gravitational force, ;
So on equating we get
Where
Position of the satellite from the center of earth
Orbital velocity