Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.025%

Price spread now: Binance against Backpack+0.012%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$810.807% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now +0.012%, 7d avg −0.029%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.041% dearer against Backpack than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.029%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZORA_USDC_PERP	0.008473	0.0180	pay 0.0022% / 1h	4m 56s	$37K	$111K	10x
Short	Binance ZORAUSDT	0.008474	0.0100	get 0.0050% / 4h	4m 56s	$2.5M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.012%Rate

Funding earned: −$16.72
Price spread: +0.012% → −0.029%: $4.08
Slippage, 4 orders: −$60.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$93.3
Costs to cover: 0.807%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; Binance: live order book, 2 min ago.

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, 53 min ago	2.37 bp	18.4 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.18 bp	25.1 bp −$25	102.0 bp −$1,020	doesn't fit	doesn't fit

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
dYdX ZORA-USD	0.0000%	1h	0.008480	+0.080%	$312	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008468	−0.059%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008466	−0.083%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008479	+0.072%	$26K	$12K	5x	as long as short
Binance ZORAUSDTshort	+0.0100%	4h	0.008474	+0.012%	$2.5M	$4.1M	50x
Bybit ZORAUSDT	+0.0100%	4h	0.008461	−0.142%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008466	−0.083%	$766K	$962K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008460	−0.153%	$157K	$81K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008476	+0.035%	$9.8M	$227K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008478	+0.059%	$751K	$1.4M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008479	+0.071%	$729K	$223K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008461	−0.147%	$126K	$25K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008660	+2.207%	$1K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008472	−0.014%	$6K	$167K	5x	as long as short
Hyperliquid ZORA	+0.0178%	1h	0.008491	+0.212%	$1.6M	$313K	3x	as long as short
Backpack ZORA_USDC_PERPlong	+0.0180%	1h	0.008473	long leg	$37K	$111K	10x
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008471	−0.024%	$1K	—	100x	as long as short