Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0160%/8h= −17.6% APRpaid last 24h −0.042%

Price spread now: BingX against GMX+0.059%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 BingX

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. BingX is 0.059% dearer against GMX than usual: you sell high and buy low (spread +0.059% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008445	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	50m 48s	$1K	—	100x
Short	BingX ZORA-USDT	0.008450	0.0070	get 0.0035% / 4h	2h 50m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$33.67
Price spread: +0.059% → 0.000%: $5.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$49.75
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BingX: live order book, 15 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 BingX live order book, 15 min ago	0.58 bp	14.1 bp −$14	63.8 bp −$638	589.5 bp −$59.0K	1072.2 bp −$536.1K

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	0.008450	+0.059%	$311	$5	5x	as long as short
BingX ZORA-USDTshort	+0.0070%	4h	0.008450	+0.059%	—	$6.6M	—
Lighter ZORA	+0.0096%	1h	0.008442	−0.036%	$22K	$12K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008467	+0.261%	$1.6M	$316K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008458	+0.149%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008456	+0.127%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008444	−0.012%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008454	+0.107%	$770K	$998K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008450	+0.059%	$155K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008457	+0.142%	$9.8M	$225K	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	+0.095%	$773K	$1.3M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008458	+0.154%	$725K	$215K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008451	+0.071%	$36K	$113K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008431	−0.169%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008640	+2.309%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008452	+0.081%	$9K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008445	long leg	$1K	—	100x