Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h +0.016%

Price spread now: Hyperliquid against BingX+0.166%7-day average +0.105% · you sell dearer than you buy

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

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 7 days−0.145%−$15 · spread now +0.166%, 7d avg +0.105%

Together, before fees−0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.061% dearer against BingX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.105%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ZORA-USDT	0.008421	0.0070	pay 0.0035% / 4h	1h 15m	—	$6.6M	—
Short	Hyperliquid ZORA	0.008435	0.0100	get 0.0013% / 1h	15m 27s	$1.6M	$318K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: $6.3
Price spread: +0.166% → +0.105%: $6.09
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.61
Costs to cover: 0.190%
Break-even: 14.3 days

Slippage unknown: BingX: live order book, 1 min ago; Hyperliquid: live order book, 5 min ago. 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 BingX live order book, 1 min ago	2.38 bp	13.7 bp −$14	41.0 bp −$410	517.2 bp −$51.7K	1126.7 bp −$563.3K
Sell Hyperliquid live order book, 5 min ago	2.37 bp	24.8 bp −$25	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	0.008430	+0.104%	$310	$5	5x	as long as short
BingX ZORA-USDTlong	+0.0070%	4h	0.008421	long leg	—	$6.6M	—
Lighter ZORA	+0.0096%	1h	0.008411	−0.119%	$22K	$11K	3x	as long as short
Hyperliquid ZORAshort	+0.0100%	1h	0.008435	+0.166%	$1.6M	$318K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008428	+0.088%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008427	+0.067%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008412	−0.107%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008417	−0.048%	$765K	$974K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008420	−0.012%	$157K	$75K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008425	+0.048%	$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	0.008422	+0.012%	$773K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008432	+0.131%	$734K	$209K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008405	−0.185%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008600	+2.126%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008423	+0.027%	$6K	$169K	5x	as long as short
Backpack ZORA_USDC_PERP	+0.0131%	1h	0.008426	+0.059%	$34K	$116K	10x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008425	+0.048%	$1K	—	100x	as long as short