Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.089%

Price spread now: GMX against Binance−0.024%7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.024% cheaper against Binance than usual: you would sell low and buy high (spread −0.024% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ZORAUSDT	0.008451	0.0100	pay 0.0050% / 4h	2h 49m	$2.5M	$4.0M	50x
Short	GMX ZORA/USD [ETH-USDC]	0.008449	L +0.0230% / S −0.0433%	get 0.0054% / 1h	49m 57s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.024%Rate

Funding earned: $70.02
Price spread: −0.024% → 0.000%: −$2.44
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $45.58
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: Binance: live order book, 2 min ago; GMX: 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 Binance live order book, 2 min ago	0.59 bp	23.8 bp −$24	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
dYdX ZORA-USD	0.0000%	1h	0.008450	−0.013%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008451	−0.001%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008438	−0.155%	$22K	$12K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008460	+0.106%	$1.6M	$316K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008458	+0.080%	$26K	$26K	5x	as long as short
Binance ZORAUSDTlong	+0.0100%	4h	0.008451	long leg	$2.5M	$4.0M	50x
Bybit ZORAUSDT	+0.0100%	4h	0.008437	−0.166%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008451	−0.001%	$770K	$998K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008450	−0.013%	$155K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008452	+0.011%	$9.8M	$226K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZORAUSDTM	+0.0100%	4h	0.008455	+0.047%	$771K	$1.3M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008457	+0.070%	$724K	$215K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008453	+0.023%	$36K	$112K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008431	−0.241%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008640	+2.236%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008449	−0.030%	$9K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0230% / S −0.0433%	1h	0.008449	−0.024%	$1K	—	100x