Funding arb · Price arb /

ZORA

all ZORA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.009%

Price spread now: Variational Omni against Extended−0.140%7-day average −0.089% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$4 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.140%, 7d avg −0.089%

Together, before fees+0.167%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.051% cheaper against Extended than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ZORA-USD	0.008366	0.0104	pay 0.0013% / 1h	46m 06s	$6K	$169K	5x
Short	Variational Omni ZORA	0.008355	−0.0005	pay 0.0003% / 4h	2h 46m	$124K	$26K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.140%Rate

Funding earned: −$22.89
Price spread: −0.140% → −0.089%: −$5.14
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.04
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 40 min ago; Variational Omni: RFQ quote, 42 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 Extended live order book, 40 min ago	4.74 bp	61.3 bp −$61	330.8 bp −$3,308	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 42 min ago	7.11 bp	doesn't fit	66.3 bp −$663	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_PERP	−0.0142%	1h	0.008368	+0.020%	$33K	$119K	10x	as long as short
Variational Omni ZORAshort	−0.0005%	4h	0.008355	−0.140%	$124K	$26K	—
dYdX ZORA-USD	0.0000%	1h	0.008366	−0.003%	$308	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008359	−0.087%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008352	−0.171%	$22K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008366	−0.003%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008365	−0.014%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008355	−0.135%	$2.2M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008360	−0.075%	$758K	$962K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008360	−0.075%	$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	0.008368	+0.020%	$9.7M	$228K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008364	−0.027%	$734K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008369	+0.032%	$730K	$208K	25x	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008550	+2.196%	$1K	$1.2M	20x	as long as short
Extended ZORA-USDlong	+0.0104%	1h	0.008366	long leg	$6K	$169K	5x
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008369	+0.032%	$1K	—	100x	as long as short
Hyperliquid ZORA	+0.0440%	1h	0.008380	+0.164%	$1.6M	$318K	3x	as long as short