Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0130%/8h= −14.3% APRpaid last 24h −0.033%

Price spread now: Bybit against GMX−0.082%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 Bybit

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 Bybit is 0.082% cheaper against GMX than usual: you would sell low and buy high (−$8 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]	0.008518	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	15m 08s	$1K	—	100x
Short	Bybit ZORAUSDT	0.008511	0.0100	get 0.0050% / 4h	3h 15m	$2.3M	$1.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$27.39
Price spread: −0.082% → 0.000%: −$8.22
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.6
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.59 bp	32.4 bp −$32	96.4 bp −$964	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	0.008510	−0.094%	$313	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008514	−0.047%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008514	−0.047%	$22K	$11K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008536	+0.211%	$1.6M	$314K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008513	−0.057%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008523	+0.059%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDTshort	+0.0100%	4h	0.008511	−0.082%	$2.3M	$1.7M	25x
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008519	+0.012%	$777K	$1.0M	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008510	−0.094%	$155K	$75K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008522	+0.047%	$9.9M	$229K	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	0.008518	0.000%	$786K	$1.3M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008518	0.000%	$731K	$215K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008525	+0.082%	$33K	$116K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008496	−0.256%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008700	+2.137%	$1K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008522	+0.051%	$6K	$167K	5x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008518	long leg	$1K	—	100x