Funding you earn now, next payment 22:00 UTC−0.0518%/8h= −56.7% APRpaid last 24h +0.032%
Price spread now: Backpack against Bybit+0.263%7-day average +0.155% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$750.746% of the position
Funding, last 7 days+0.123%+$12 on $10k
+Price spread, last 4 days (all we have)−0.588%−$59 · spread now +0.263%, 7d avg +0.155%
=The price spread pays, funding is against you. Backpack is 0.108% dearer against Bybit than usual: you sell high and buy low (spread +0.263% now, against its 7-day average of +0.155%): +$11 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% 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 | Bybit ZORAUSDT | 0.008370 | 0.0100 | pay 0.0050% / 4h | 2h 54m | $2.2M | $1.6M | 25x |
| Short | Backpack ZORA_USDC_PERP | 0.008392 | −0.0418 | pay 0.0052% / 1h | 54m 54s | $36K | $118K | 10x |
Bybit ZORAUSDT
Backpack ZORA_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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
- −$108.74
- Price spread: +0.263% → +0.155%
- $10.83
- Slippage, 4 orders
- −$53.63
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$172.53
- Costs to cover
- 0.746%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 33 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 Bybit live order book, 2 min ago | 2.99 bp | 21.0 bp −$21 | 79.3 bp −$793 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 33 min ago | 1.78 bp | 13.5 bp −$13 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Backpack ZORA_USDC_PERPshort | −0.0418% | 1h | 0.008392 | +0.263% | $36K | $118K | 10x | |
| dYdX ZORA-USD | 0.0000% | 1h | 0.008394 | +0.287% | $309 | $5 | 5x | as long as short |
| Variational Omni ZORA | +0.0005% | 4h | 0.008374 | +0.047% | $124K | $26K | — | as long as short |
| BingX ZORA-USDT | +0.0070% | 4h | 0.008380 | +0.119% | — | $6.6M | — | as long as short |
| Lighter ZORA | +0.0096% | 1h | 0.008378 | +0.096% | $22K | $11K | 3x | as long as short |
| Aster ZORAUSDT | +0.0100% | 4h | 0.008390 | +0.240% | $26K | $28K | 5x | as long as short |
| Binance ZORAUSDT | +0.0100% | 4h | 0.008386 | +0.195% | $2.5M | $4.0M | 50x | as long as short |
| Bybit ZORAUSDTlong | +0.0100% | 4h | 0.008370 | long leg | $2.2M | $1.6M | 25x | |
| OKX ZORA-USDT-SWAP | +0.0100% | 4h | 0.008373 | +0.036% | $761K | $965K | 10x | as long as short |
| Gate ZORA_USDT | +0.0100% | 4h | 0.008380 | +0.119% | $155K | $72K | 25x | as long as short |
dYdX ZORA-USD
Variational Omni ZORA
BingX ZORA-USDT
Lighter ZORA
Aster ZORAUSDT
Binance ZORAUSDT
OKX ZORA-USDT-SWAP
Gate ZORA_USDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZORA_USDT | +0.0100% | 4h | 0.008385 | +0.179% | $9.7M | $228K | 50x | as long as short |
| KuCoin ZORAUSDTM | +0.0100% | 4h | 0.008387 | +0.203% | $736K | $1.1M | 30x | as long as short |
| Bitget ZORAUSDT | +0.0100% | 4h | 0.008390 | +0.239% | $732K | $214K | 25x | as long as short |
| SunX ZORA-USDT | +0.0100% | 4h | 0.008570 | +2.389% | $1K | $1.2M | 20x | as long as short |
| Extended ZORA-USD | +0.0104% | 1h | 0.008383 | +0.151% | $6K | $169K | 5x | as long as short |
| GMX ZORA/USD [ETH-USDC] | L +0.0230% / S −0.0433% | 1h | 0.008394 | +0.287% | $1K | — | 100x | as long as short |
| Hyperliquid ZORA | +0.0579% | 1h | 0.008398 | +0.335% | $1.6M | $318K | 3x | as long as short |
MEXC ZORA_USDT
KuCoin ZORAUSDTM
Bitget ZORAUSDT
SunX ZORA-USDT
Extended ZORA-USD
GMX ZORA/USD [ETH-USDC]
Hyperliquid ZORA