Funding you earn now, next payment 03:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h −0.023%
Price spread now: OKX against Backpack−0.106%7-day average −0.078% · you buy dearer than you sell
Net, funding: paid 7d − costs−$120as in the Funding arb table
Net, price: spread back to 7d avg − costs−$107as in the Price arb table
costs, in and out, $10k−$1041.041% of the position
Funding, last 7 days−0.162%−$16 on $10k
+Price spread, last 4 days (all we have)+0.531%+$53 · spread now −0.106%, 7d avg −0.078%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.029% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.078%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.162% in total (about -8.4% 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 | Backpack ZORA_USDC_PERP | 0.008479 | 0.0405 | pay 0.0051% / 1h | 15m 59s | $36K | $110K | 10x |
| Short | OKX ZORA-USDT-SWAP | 0.008470 | 0.0100 | get 0.0050% / 4h | 1h 15m | $768K | $962K | 10x |
Backpack ZORA_USDC_PERP
OKX ZORA-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$64.02
- Price spread: −0.106% → −0.078%
- −$2.86
- Slippage, 4 orders
- −$84.11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$170.99
- Costs to cover
- 1.041%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 47 min ago; OKX: live order book, 30 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, 47 min ago | 1.18 bp | 15.0 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
| Sell OKX live order book, 30 min ago | 2.97 bp | 40.9 bp −$41 | 121.0 bp −$1,210 | 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 | 0.008481 | +0.019% | $312 | $5 | 5x | as long as short |
| BingX ZORA-USDT | +0.0070% | 4h | 0.008479 | 0.000% | — | $6.5M | — | as long as short |
| Lighter ZORA | +0.0096% | 1h | 0.008473 | −0.071% | $22K | $14K | 3x | as long as short |
| Aster ZORAUSDT | +0.0100% | 4h | 0.008482 | +0.039% | $26K | $12K | 5x | as long as short |
| Binance ZORAUSDT | +0.0100% | 4h | 0.008481 | +0.020% | $2.5M | $4.0M | 50x | as long as short |
| Bybit ZORAUSDT | +0.0100% | 4h | 0.008467 | −0.142% | $2.3M | $1.7M | 25x | as long as short |
| OKX ZORA-USDT-SWAPshort | +0.0100% | 4h | 0.008470 | −0.106% | $768K | $962K | 10x | |
| Gate ZORA_USDT | +0.0100% | 4h | 0.008470 | −0.106% | $155K | $78K | 25x | as long as short |
| MEXC ZORA_USDT | +0.0100% | 4h | 0.008480 | +0.012% | $9.8M | $228K | 50x | as long as short |
| KuCoin ZORAUSDTM | +0.0100% | 4h | 0.008479 | 0.000% | $754K | $1.4M | 30x | as long as short |
dYdX ZORA-USD
BingX ZORA-USDT
Lighter ZORA
Aster ZORAUSDT
Binance ZORAUSDT
Bybit ZORAUSDT
Gate ZORA_USDT
MEXC ZORA_USDT
KuCoin ZORAUSDTMShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget ZORAUSDT | +0.0100% | 4h | 0.008488 | +0.106% | $725K | $214K | 25x | as long as short |
| Variational Omni ZORA | +0.0100% | 4h | 0.008466 | −0.149% | $126K | $25K | — | as long as short |
| SunX ZORA-USDT | +0.0100% | 4h | 0.008660 | +2.135% | $2K | $1.3M | 20x | as long as short |
| Extended ZORA-USD | +0.0104% | 1h | 0.008479 | −0.006% | $6K | $169K | 5x | as long as short |
| Hyperliquid ZORA | +0.0228% | 1h | 0.008496 | +0.200% | $1.6M | $320K | 3x | as long as short |
| GMX ZORA/USD [ETH-USDC] | L +0.0231% / S −0.0433% | 1h | 0.008481 | +0.024% | $1K | — | 100x | as long as short |
| Backpack ZORA_USDC_PERPlong | +0.0405% | 1h | 0.008479 | long leg | $36K | $110K | 10x |
Bitget ZORAUSDT
Variational Omni ZORA
SunX ZORA-USDT
Extended ZORA-USD
Hyperliquid ZORA
GMX ZORA/USD [ETH-USDC]