Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.015%

Price spread now: Hyperliquid against OKX+0.355%7-day average +0.095% · you sell dearer than you buy

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

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.485%−$48 · spread now +0.355%, 7d avg +0.095%

Together, before fees−0.435%+ Points / potential airdropHyperliquid: Season 2 · farm board−$43 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: Hyperliquid is 0.260% dearer against OKX than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZORA-USDT-SWAP	0.008441	0.0100	pay 0.0050% / 4h	2h 41m	$766K	$971K	10x
Short	Hyperliquid ZORA	0.008471	0.0107	get 0.0013% / 1h	41m 49s	$1.6M	$307K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.355%Rate

Funding earned: $1.55
Price spread: +0.355% → +0.095%: $26
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $8.55
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: OKX: live order book, 54 min ago; Hyperliquid: live order book, 9 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 OKX live order book, 54 min ago	2.94 bp	41.8 bp −$42	119.1 bp −$1,191	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	4.05 bp	doesn't fit	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	0.008511	+0.827%	$313	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008446	+0.059%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008456	+0.178%	$22K	$15K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008456	+0.178%	$26K	$16K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008456	+0.178%	$2.5M	$4.3M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008431	−0.118%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAPlong	+0.0100%	4h	0.008441	long leg	$766K	$971K	10x
Gate ZORA_USDT	+0.0100%	4h	0.008450	+0.107%	$162K	$83K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008463	+0.261%	$9.8M	$223K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008452	+0.130%	$742K	$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	0.008455	+0.166%	$677K	$277K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008459	+0.213%	$34K	$106K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008485	+0.516%	$127K	$24K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008650	+2.476%	$1K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008458	+0.205%	$7K	$196K	5x	as long as short
Hyperliquid ZORAshort	+0.0107%	1h	0.008471	+0.355%	$1.6M	$307K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008455	+0.166%	$1K	—	100x	as long as short