Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.089%

Price spread now: GMX against Bitget+0.060%7-day average — · you sell dearer than you buy

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

Long on Bitget 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

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and GMX is 0.060% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZORAUSDT	0.008365	0.0100	pay 0.0050% / 4h	2h 46m	$730K	$208K	25x
Short	GMX ZORA/USD [ETH-USDC]	0.008370	L +0.0230% / S −0.0433%	get 0.0054% / 1h	46m 41s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $70.02
Price spread: +0.060% → 0.000%: $5.98
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $51.99
Costs to cover: 0.240%
Break-even: 1.8 days

Slippage unknown: Bitget: live order book, 38 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 Bitget live order book, 38 min ago	9.49 bp	42.2 bp −$42	140.1 bp −$1,401	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
Backpack ZORA_USDC_PERP	−0.0197%	1h	0.008363	−0.024%	$33K	$119K	10x	as long as short
Variational Omni ZORA	−0.0005%	4h	0.008355	−0.125%	$124K	$26K	—	as long as short
dYdX ZORA-USD	0.0000%	1h	0.008366	+0.012%	$308	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008359	−0.072%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008353	−0.143%	$22K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008366	+0.012%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008366	+0.017%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008357	−0.096%	$2.2M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008364	−0.012%	$758K	$963K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008360	−0.060%	$154K	$73K	25x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ZORA_USDT	+0.0100%	4h	0.008365	0.000%	$9.7M	$228K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008364	−0.012%	$734K	$1.1M	30x	as long as short
Bitget ZORAUSDTlong	+0.0100%	4h	0.008365	long leg	$730K	$208K	25x
SunX ZORA-USDT	+0.0100%	4h	0.008550	+2.212%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008366	+0.010%	$6K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0230% / S −0.0433%	1h	0.008370	+0.060%	$1K	—	100x
Hyperliquid ZORA	+0.0447%	1h	0.008381	+0.191%	$1.6M	$318K	3x	as long as short