Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.023%

Price spread now: Backpack against KuCoin+0.130%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1131.129% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now +0.130%, 7d avg +0.014%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.116% dearer against KuCoin than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZORAUSDTM	0.008442	0.0100	pay 0.0050% / 4h	3h 39m	$772K	$1.2M	30x
Short	Backpack ZORA_USDC_PERP	0.008453	0.0100	get 0.0013% / 1h	39m 14s	$34K	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.130%Rate

Funding earned: $0
Price spread: +0.130% → +0.014%: $11.62
Slippage, 4 orders: −$90.94
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$101.32
Costs to cover: 1.129%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Backpack: live order book, 34 min ago.

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 KuCoin live order book, 6 min ago	10.07 bp	46.6 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 34 min ago	2.37 bp	14.7 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	−0.114%	$310	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008439	−0.036%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008424	−0.213%	$21K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008439	−0.039%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008436	−0.067%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008427	−0.178%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008434	−0.095%	$768K	$981K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008430	−0.142%	$155K	$71K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008440	−0.024%	$9.8M	$227K	50x	as long as short
KuCoin ZORAUSDTMlong	+0.0100%	4h	0.008442	long leg	$772K	$1.2M	30x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008438	−0.047%	$725K	$207K	25x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0100%	1h	0.008453	+0.130%	$34K	$113K	10x
Variational Omni ZORA	+0.0100%	4h	0.008428	−0.169%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008630	+2.227%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008433	−0.103%	$9K	$168K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008433	−0.107%	$1K	—	100x	as long as short
Hyperliquid ZORA	+0.0309%	1h	0.008455	+0.154%	$1.6M	$314K	3x	as long as short