Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.089%

Price spread now: GMX against KuCoin−0.036%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on GMX

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

Funding pays, the price is against you. GMX is 0.036% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.036% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZORAUSDTM	0.008444	0.0100	pay 0.0050% / 4h	3h 33m	$773K	$1.2M	30x
Short	GMX ZORA/USD [ETH-USDC]	0.008441	L +0.0230% / S −0.0433%	get 0.0054% / 1h	33m 52s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.036%Rate

Funding earned: $70.02
Price spread: −0.036% → 0.000%: −$3.55
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $42.46
Costs to cover: 0.240%
Break-even: 2.8 days

Slippage unknown: KuCoin: live order book, 1 min ago; GMX: no order-book sample. 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 KuCoin live order book, 1 min ago	6.51 bp	57.5 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	0.008449	+0.057%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008443	−0.012%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008432	−0.142%	$21K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008444	0.000%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008446	+0.021%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008437	−0.083%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008439	−0.059%	$768K	$980K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008440	−0.047%	$155K	$71K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008444	0.000%	$9.8M	$227K	50x	as long as short
KuCoin ZORAUSDTMlong	+0.0100%	4h	0.008444	long leg	$773K	$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	0.008447	+0.036%	$725K	$207K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008444	0.000%	$34K	$113K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008439	−0.063%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008630	+2.203%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008443	−0.014%	$9K	$164K	5x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0230% / S −0.0433%	1h	0.008441	−0.036%	$1K	—	100x
Hyperliquid ZORA	+0.0250%	1h	0.008457	+0.154%	$1.6M	$314K	3x	as long as short