Funding arb · Price arb /

ZORA

all ZORA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0143%/8h= +15.6% APRpaid last 24h +0.022%

Price spread now: Backpack against MEXC+0.012%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.012%, 7d avg +0.035%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.023% cheaper against MEXC than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.035%). If the spread goes back, that is −$2 on $10k: about 13 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.142% in total) that is about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ZORA_USDT	0.008458	0.0100	pay 0.0050% / 4h	29m 06s	$9.8M	$228K	50x
Short	Backpack ZORA_USDC_PERP	0.008459	0.0243	get 0.0030% / 1h	29m 06s	$34K	$114K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.012%Rate

Funding earned: $30.01
Price spread: +0.012% → +0.035%: −$2.31
Slippage, 4 orders: −$42.32
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.61
Costs to cover: 0.563%
Break-even: 13.7 days

Slippage from MEXC: live order book, 4 min ago; Backpack: live order book, 49 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 MEXC live order book, 4 min ago	2.36 bp	13.1 bp −$13	60.0 bp −$600	236.3 bp −$23.6K	doesn't fit
Sell Backpack live order book, 49 min ago	0.59 bp	14.3 bp −$14	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	0.008464	+0.074%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008454	−0.047%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008447	−0.130%	$21K	$12K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008458	−0.004%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008459	+0.011%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008447	−0.130%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008449	−0.106%	$770K	$985K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008450	−0.095%	$156K	$74K	25x	as long as short
MEXC ZORA_USDTlong	+0.0100%	4h	0.008458	long leg	$9.8M	$228K	50x
KuCoin ZORAUSDTM	+0.0100%	4h	0.008456	−0.024%	$765K	$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	0.008468	+0.118%	$740K	$208K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008450	−0.100%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008640	+2.152%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008459	+0.008%	$6K	$169K	5x	as long as short
Hyperliquid ZORA	+0.0176%	1h	0.008477	+0.225%	$1.6M	$316K	3x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008456	−0.024%	$1K	—	100x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0243%	1h	0.008459	+0.012%	$34K	$114K	10x