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 −0.041%

Price spread now: Variational Omni against GMX−0.110%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.110% cheaper against GMX than usual: you would sell low and buy high (−$11 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]	0.008434	L +0.0231% / S −0.0433%	pay 0.0029% / 1h	37m 59s	$1K	—	100x
Short	Variational Omni ZORA	0.008425	0.0100	get 0.0050% / 4h	2h 37m	$127K	$24K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.110%Rate

Funding earned: −$27.47
Price spread: −0.110% → 0.000%: −$11.03
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$50.5
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 11 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 Variational Omni RFQ quote, 11 min ago	6.40 bp	doesn't fit	98.3 bp −$983	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	0.008441	+0.089%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008440	+0.071%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008433	−0.012%	$21K	$15K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008445	+0.126%	$26K	$16K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008446	+0.137%	$2.5M	$4.3M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008429	−0.059%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008439	+0.059%	$765K	$973K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008430	−0.047%	$161K	$83K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008441	+0.083%	$9.8M	$224K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008445	+0.130%	$744K	$1.5M	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	0.008449	+0.178%	$685K	$285K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008443	+0.107%	$34K	$106K	10x	as long as short
Variational Omni ZORAshort	+0.0100%	4h	0.008425	−0.110%	$127K	$24K	—
SunX ZORA-USDT	+0.0100%	4h	0.008620	+2.205%	$1K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008437	+0.039%	$7K	$196K	5x	as long as short
Hyperliquid ZORA	+0.0119%	1h	0.008456	+0.261%	$1.6M	$307K	3x	as long as short
GMX ZORA/USD [ETH-USDC]long	L +0.0231% / S −0.0433%	1h	0.008434	long leg	$1K	—	100x