Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.033%

Price spread now: Bitget against GMX+0.142%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 Bitget

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. Bitget is 0.142% dearer against GMX than usual: you sell high and buy low (spread +0.142% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008456	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	29m 13s	$1K	—	100x
Short	Bitget ZORAUSDT	0.008468	0.0100	get 0.0050% / 4h	29m 13s	$740K	$208K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.142%Rate

Funding earned: −$27.3
Price spread: +0.142% → 0.000%: $14.19
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$37.11
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 46 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 Bitget live order book, 46 min ago	4.74 bp	33.6 bp −$34	104.0 bp −$1,040	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	0.008464	+0.098%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008454	−0.024%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008447	−0.106%	$21K	$12K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008458	+0.019%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008459	+0.035%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008447	−0.106%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008449	−0.083%	$770K	$985K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008450	−0.071%	$156K	$74K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008458	+0.024%	$9.8M	$228K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008456	0.000%	$765K	$1.2M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDTshort	+0.0100%	4h	0.008468	+0.142%	$740K	$208K	25x
Variational Omni ZORA	+0.0100%	4h	0.008450	−0.077%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008640	+2.176%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008459	+0.032%	$6K	$169K	5x	as long as short
Hyperliquid ZORA	+0.0176%	1h	0.008477	+0.248%	$1.6M	$316K	3x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008456	long leg	$1K	—	100x
Backpack ZORA_USDC_PERP	+0.0243%	1h	0.008459	+0.035%	$34K	$114K	10x	as long as short