Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.032%

Price spread now: Backpack against BingX−0.048%7-day average +0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 4 days (all we have)+0.095%+$9 · spread now −0.048%, 7d avg +0.073%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.120% cheaper against BingX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ZORA-USDT	0.008419	0.0100	pay 0.0050% / 4h	2h 09m	—	$6.6M	—
Short	Backpack ZORA_USDC_PERP	0.008415	0.0106	get 0.0013% / 1h	9m 58s	$36K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.048%Rate

Funding earned: $1.26
Price spread: −0.048% → +0.073%: −$12.04
Slippage, 4 orders: −$36.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$67.08
Costs to cover: 0.563%
Break-even: 380.9 days

Slippage from BingX: live order book, 12 min ago; Backpack: live order book, 58 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 BingX live order book, 12 min ago	0.59 bp	13.9 bp −$14	55.9 bp −$559	607.0 bp −$60.7K	doesn't fit
Sell Backpack live order book, 58 min ago	1.16 bp	15.9 bp −$16	doesn't fit	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	0.008438	+0.223%	$311	$5	5x	as long as short
Lighter ZORA	+0.0096%	1h	0.008403	−0.190%	$22K	$15K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008427	+0.095%	$1.6M	$320K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008418	−0.006%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008416	−0.036%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008405	−0.166%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008407	−0.143%	$763K	$962K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008410	−0.107%	$154K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008416	−0.036%	$9.8M	$229K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008416	−0.036%	$756K	$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	0.008422	+0.036%	$721K	$209K	25x	as long as short
BingX ZORA-USDTlong	+0.0100%	4h	0.008419	long leg	—	$6.6M	—
Variational Omni ZORA	+0.0100%	4h	0.008416	−0.035%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008610	+2.269%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008411	−0.093%	$6K	$164K	5x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0106%	1h	0.008415	−0.048%	$36K	$110K	10x
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008414	−0.059%	$1K	—	100x	as long as short