Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.022%

Price spread now: Backpack against SunX−2.092%7-day average −2.108% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 3 days (all we have)−0.154%−$15 · spread now −2.092%, 7d avg −2.108%

Together, before fees−0.085%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −2.108%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.069% in total (about 3.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZORA-USDT	0.008650	0.0100	pay 0.0050% / 4h	34m 51s	$1K	$1.2M	20x
Short	Backpack ZORA_USDC_PERP	0.008469	0.0300	get 0.0038% / 1h	34m 51s	$34K	$114K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −2.092%Rate

Funding earned: $42.01
Price spread: −2.092% → −2.108%: $1.58
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $25.6
Costs to cover: 0.180%
Break-even: 2.7 days

Slippage unknown: SunX: live order book, 9 min ago; Backpack: live order book, 43 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 SunX live order book, 9 min ago	258.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 43 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	0.008463	−2.156%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008464	−2.150%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008454	−2.266%	$21K	$12K	3x	as long as short
Hyperliquid ZORA	+0.0100%	1h	0.008484	−1.919%	$1.6M	$315K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008470	−2.078%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008470	−2.081%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008455	−2.254%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008464	−2.150%	$771K	$986K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008470	−2.081%	$156K	$74K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008468	−2.104%	$9.8M	$227K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZORAUSDTM	+0.0100%	4h	0.008465	−2.139%	$763K	$1.2M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008477	−2.000%	$741K	$208K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008453	−2.277%	$126K	$26K	—	as long as short
SunX ZORA-USDTlong	+0.0100%	4h	0.008650	long leg	$1K	$1.2M	20x
Extended ZORA-USD	+0.0104%	1h	0.008468	−2.100%	$6K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008464	−2.150%	$1K	—	100x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0300%	1h	0.008469	−2.092%	$34K	$114K	10x