Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0130%/8h= −14.3% APRpaid last 24h −0.033%

Price spread now: Binance against GMX−0.026%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Binance

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 against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.026% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008453	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	27m 00s	$1K	—	100x
Short	Binance ZORAUSDT	0.008451	0.0100	get 0.0050% / 4h	2h 27m	$2.5M	$4.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.026%Rate

Funding earned: −$27.38
Price spread: −0.026% → 0.000%: −$2.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$51.96
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 10 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 Binance live order book, 10 min ago	1.77 bp	33.4 bp −$33	112.1 bp −$1,121	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	0.008449	−0.045%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008448	−0.059%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008441	−0.142%	$22K	$15K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008458	+0.059%	$1.6M	$320K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008456	+0.037%	$26K	$26K	5x	as long as short
Binance ZORAUSDTshort	+0.0100%	4h	0.008451	−0.026%	$2.5M	$4.0M	50x
Bybit ZORAUSDT	+0.0100%	4h	0.008443	−0.118%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008445	−0.095%	$769K	$963K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008440	−0.154%	$154K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008450	−0.035%	$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	0.008453	0.000%	$762K	$1.3M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008456	+0.035%	$723K	$209K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008436	−0.199%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008650	+2.331%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008444	−0.106%	$9K	$164K	5x	as long as short
Backpack ZORA_USDC_PERP	+0.0117%	1h	0.008456	+0.035%	$36K	$110K	10x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008453	long leg	$1K	—	100x