Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h +0.013%

Price spread now: Backpack against Gate+0.058%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$217as in the Price arb table

costs, in and out, $10k−$2132.128% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.058%, 7d avg +0.098%

Together, before fees+0.181%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.040% cheaper against Gate than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.098%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.137%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZORA_USDT	0.008560	0.0100	pay 0.0050% / 4h	1h 09m	$165K	$85K	25x
Short	Backpack ZORA_USDC_PERP	0.008565	0.0038	get 0.0005% / 1h	9m 02s	$36K	$105K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$13.03
Price spread: +0.058% → +0.098%: −$4.01
Slippage, 4 orders: −$187.76
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$229.79
Costs to cover: 2.128%
Break-even: never at this rate

Slippage from Gate: live order book, 27 min ago; Backpack: live order book, 34 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 Gate live order book, 27 min ago	11.79 bp	96.4 bp −$96	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 34 min ago	1.76 bp	15.9 bp −$16	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	+0.0003%	1h	0.008568	+0.096%	$296	$19	5x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0038%	1h	0.008565	+0.058%	$36K	$105K	10x
BingX ZORA-USDT	+0.0070%	4h	0.008568	+0.093%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008568	+0.093%	$20K	$18K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008585	+0.292%	$1.6M	$316K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008559	−0.007%	$26K	$15K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008560	−0.003%	$2.5M	$4.5M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008541	−0.222%	$2.4M	$1.8M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008551	−0.105%	$776K	$1.0M	10x	as long as short
Gate ZORA_USDTlong	+0.0100%	4h	0.008560	long leg	$165K	$85K	25x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC ZORA_USDT	+0.0100%	4h	0.008572	+0.140%	$10.0M	$235K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008569	+0.105%	$758K	$1.6M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008559	−0.012%	$700K	$304K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008535	−0.287%	$127K	$25K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008760	+2.336%	$2K	$1.4M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008571	+0.126%	$8K	$203K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008565	+0.058%	$1K	—	100x	as long as short