ZORA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0130%/8h= −14.3% APRnext payment −$0.16 per $10,000 · paid last 24h −0.011%

Price spread now: Backpack against GMX+0.083%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Backpack

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

The price spread pays, funding is against you. Backpack is 0.083% dearer against GMX than usual: you sell high and buy low (spread +0.083% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008430	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	7m 43s	$1K	—	100x
Short	Backpack ZORA_USDC_PERP	0.008437	0.0100	get 0.0013% / 1h	7m 43s	$36K	$108K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$27.37
Price spread: +0.083% → 0.000%: $8.3
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.07
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 60 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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 60 min ago	1.16 bp	15.9 bp −$16	doesn't fit	doesn't fit	doesn't fit

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	0.008434	+0.049%	$310	$5	5x	as long as short
Lighter ZORA	+0.0096%	1h	0.008416	−0.166%	$22K	$15K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008451	+0.249%	$1.6M	$319K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008430	+0.001%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008434	+0.047%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008417	−0.154%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008430	0.000%	$764K	$963K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008420	−0.119%	$154K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008434	+0.047%	$9.8M	$229K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008425	−0.059%	$757K	$1.4M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008433	+0.036%	$722K	$208K	25x	as long as short
BingX ZORA-USDT	+0.0100%	4h	0.008428	−0.024%	—	$6.5M	—	as long as short
Backpack ZORA_USDC_PERPshort	+0.0100%	1h	0.008437	+0.083%	$36K	$108K	10x
Variational Omni ZORA	+0.0100%	4h	0.008416	−0.166%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008610	+2.135%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008431	+0.010%	$6K	$164K	5x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008430	long leg	$1K	—	100x