Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.089%

Price spread now: GMX against Bybit+0.202%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 0.202% dearer against Bybit than usual: you sell high and buy low: +$20 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	Bybit ZORAUSDT	0.008409	0.0100	pay 0.0050% / 4h	1h 09m	$2.3M	$1.6M	25x
Short	GMX ZORA/USD [ETH-USDC]	0.008426	L +0.0230% / S −0.0433%	get 0.0054% / 1h	9m 27s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.202%Rate

Funding earned: $70.02
Price spread: +0.202% → 0.000%: $20.22
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $67.23
Costs to cover: 0.230%
Break-even: 0.3 days

Slippage unknown: Bybit: 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 Bybit live order book, 2 min ago	0.59 bp	22.9 bp −$23	82.0 bp −$820	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	0.008421	+0.145%	$310	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008421	+0.143%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008410	+0.012%	$22K	$11K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008437	+0.333%	$1.6M	$317K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008426	+0.202%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008426	+0.201%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDTlong	+0.0100%	4h	0.008409	long leg	$2.3M	$1.6M	25x
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008415	+0.071%	$766K	$974K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008420	+0.131%	$157K	$75K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008423	+0.166%	$9.8M	$228K	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	0.008421	+0.143%	$775K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008432	+0.274%	$736K	$211K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008406	−0.031%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008600	+2.271%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008423	+0.161%	$6K	$169K	5x	as long as short
Backpack ZORA_USDC_PERP	+0.0163%	1h	0.008423	+0.166%	$34K	$116K	10x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0230% / S −0.0433%	1h	0.008426	+0.202%	$1K	—	100x