Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.004%

Price spread now: Hyperliquid against Bybit+0.263%7-day average +0.165% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 7 days−0.236%−$24 · spread now +0.263%, 7d avg +0.165%

Together, before fees−0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.098% dearer against Bybit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.165%.

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	1h 55m	$2.2M	$1.6M	25x
Short	Hyperliquid ZORA	0.008392	0.0200	get 0.0025% / 1h	55m 38s	$1.6M	$317K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.263%Rate

Funding earned: $20.93
Price spread: +0.263% → +0.165%: $9.78
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $10.7
Costs to cover: 0.200%
Break-even: 3.4 days

Slippage unknown: Bybit: 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 Bybit live order book, 1 min ago	4.18 bp	25.5 bp −$26	81.5 bp −$815	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.79 bp	doesn't fit	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	0.008375	+0.066%	$308	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008378	+0.096%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008370	0.000%	$22K	$11K	3x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008351	−0.230%	$124K	$26K	—	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008376	+0.071%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008383	+0.160%	$2.5M	$3.9M	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	0.008381	+0.131%	$764K	$964K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008380	+0.119%	$154K	$72K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008383	+0.155%	$9.7M	$223K	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	0.008377	+0.084%	$779K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008382	+0.143%	$732K	$207K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008379	+0.108%	$33K	$117K	10x	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008560	+2.270%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008388	+0.217%	$6K	$169K	5x	as long as short
Hyperliquid ZORAshort	+0.0200%	1h	0.008392	+0.263%	$1.6M	$317K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008377	+0.084%	$1K	—	100x	as long as short