Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0131%/8h= −14.3% APRpaid last 24h −0.033%

Price spread now: KuCoin against GMX+0.131%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 KuCoin

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. KuCoin is 0.131% dearer against GMX than usual: you sell high and buy low (spread +0.131% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008405	L +0.0231% / S −0.0433%	pay 0.0029% / 1h	33m 21s	$1K	—	100x
Short	KuCoin ZORAUSDTM	0.008416	0.0100	get 0.0050% / 4h	2h 33m	$737K	$1.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$27.45
Price spread: +0.131% → 0.000%: $13.09
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$38.36
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 7 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 KuCoin live order book, 7 min ago	9.49 bp	45.6 bp −$46	536.4 bp −$5,364	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	0.008416	+0.135%	$310	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008404	−0.012%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008400	−0.059%	$22K	$15K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008412	+0.084%	$26K	$16K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008409	+0.051%	$2.5M	$4.3M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008395	−0.119%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008404	−0.012%	$761K	$973K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008410	+0.059%	$161K	$83K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008411	+0.071%	$9.7M	$224K	50x	as long as short
KuCoin ZORAUSDTMshort	+0.0100%	4h	0.008416	+0.131%	$737K	$1.5M	30x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008411	+0.071%	$683K	$280K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008415	+0.119%	$34K	$106K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008426	+0.246%	$127K	$24K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008590	+2.201%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008406	+0.015%	$8K	$202K	5x	as long as short
Hyperliquid ZORA	+0.0147%	1h	0.008425	+0.238%	$1.6M	$308K	3x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0231% / S −0.0433%	1h	0.008405	long leg	$1K	—	100x