Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0518%/8h= +56.7% APRpaid last 24h −0.032%

Price spread now: Aster against Backpack−0.032%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.032% cheaper against Backpack than usual: you would sell low and buy high (spread −0.032% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZORA_USDC_PERP	0.008392	−0.0418	get 0.0052% / 1h	54m 59s	$36K	$118K	10x
Short	Aster ZORAUSDT	0.008389	0.0100	get 0.0050% / 4h	2h 54m	$26K	$28K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.032%Rate

Funding earned: $108.74
Price spread: −0.032% → 0.000%: −$3.23
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $87.51
Costs to cover: 0.180%
Break-even: 1.4 days

Slippage unknown: Backpack: live order book, 33 min ago; Aster: 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 Backpack live order book, 33 min ago	1.78 bp	12.9 bp −$13	150.2 bp −$1,502	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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.

ZORA on 17 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
Backpack ZORA_USDC_PERPlong	−0.0418%	1h	0.008392	long leg	$36K	$118K	10x
dYdX ZORA-USD	0.0000%	1h	0.008394	+0.024%	$309	$5	5x	as long as short
Variational Omni ZORA	+0.0005%	4h	0.008374	−0.215%	$124K	$26K	—	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008386	−0.071%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008378	−0.167%	$22K	$11K	3x	as long as short
Aster ZORAUSDTshort	+0.0100%	4h	0.008389	−0.032%	$26K	$28K	5x
Binance ZORAUSDT	+0.0100%	4h	0.008393	+0.018%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008373	−0.226%	$2.2M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008373	−0.226%	$762K	$965K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008380	−0.143%	$155K	$72K	25x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ZORA_USDT	+0.0100%	4h	0.008388	−0.048%	$9.7M	$228K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008387	−0.060%	$734K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008395	+0.036%	$733K	$214K	25x	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008570	+2.121%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008383	−0.112%	$6K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008394	+0.024%	$1K	—	100x	as long as short
Hyperliquid ZORA	+0.0598%	1h	0.008410	+0.214%	$1.6M	$321K	3x	as long as short