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= −14.2% APRpaid last 24h −0.033%

Price spread now: OKX against GMX−0.012%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 OKX

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZORA/USD [ETH-USDC]	0.008435	L +0.0230% / S −0.0433%	pay 0.0029% / 1h	38m 04s	$1K	—	100x
Short	OKX ZORA-USDT-SWAP	0.008434	0.0100	get 0.0050% / 4h	3h 38m	$768K	$981K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$27.29
Price spread: −0.012% → 0.000%: −$1.19
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$50.47
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 33 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 OKX live order book, 33 min ago	4.15 bp	35.9 bp −$36	102.8 bp −$1,028	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	0.008432	−0.031%	$310	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008435	0.000%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008428	−0.083%	$21K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008438	+0.036%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008440	+0.065%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008428	−0.083%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAPshort	+0.0100%	4h	0.008434	−0.012%	$768K	$981K	10x
Gate ZORA_USDT	+0.0100%	4h	0.008430	−0.059%	$155K	$71K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008439	+0.047%	$9.8M	$227K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008439	+0.047%	$772K	$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 ZORAUSDT	+0.0100%	4h	0.008438	+0.036%	$724K	$207K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008438	+0.036%	$34K	$113K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008428	−0.087%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008620	+2.193%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008440	+0.062%	$9K	$168K	5x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0230% / S −0.0433%	1h	0.008435	long leg	$1K	—	100x
Hyperliquid ZORA	+0.0294%	1h	0.008452	+0.202%	$1.6M	$314K	3x	as long as short