Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0130%/8h= +14.3% APRpaid last 24h +0.011%

Price spread now: Hyperliquid against SunX−2.085%7-day average −2.027% · you buy dearer than you sell

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.727%−$73 · spread now −2.085%, 7d avg −2.027%

Together, before fees−0.741%+ Points / potential airdropHyperliquid: Season 2 · farm board−$74 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.058% cheaper against SunX than usual: you would sell low and buy high (spread −2.085% now, against its 7-day average of −2.027%). If the spread goes back, that is −$6 on $10k: about 36 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZORA-USDT	0.008680	0.0100	pay 0.0050% / 4h	1h 19m	$2K	$1.3M	20x
Short	Hyperliquid ZORA	0.008499	0.0230	get 0.0029% / 1h	19m 54s	$1.6M	$319K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now −2.085%Rate

Funding earned: $27.34
Price spread: −2.085% → −2.027%: −$5.85
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $4.5
Costs to cover: 0.170%
Break-even: 5.8 days

Slippage unknown: SunX: live order book, 4 min ago; Hyperliquid: live order book, 1 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, 4 min ago	241.38 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	2.35 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	0.008495	−2.126%	$313	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008484	−2.258%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008484	−2.258%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008487	−2.224%	$26K	$12K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008483	−2.269%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008468	−2.442%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008471	−2.408%	$769K	$963K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008480	−2.304%	$155K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008486	−2.235%	$9.9M	$228K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008490	−2.189%	$752K	$1.4M	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	0.008492	−2.166%	$725K	$214K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008488	−2.213%	$126K	$25K	—	as long as short
SunX ZORA-USDTlong	+0.0100%	4h	0.008680	long leg	$2K	$1.3M	20x
Extended ZORA-USD	+0.0104%	1h	0.008477	−2.338%	$6K	$169K	5x	as long as short
Hyperliquid ZORAshort	+0.0230%	1h	0.008499	−2.085%	$1.6M	$319K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008489	−2.200%	$1K	—	100x	as long as short
Backpack ZORA_USDC_PERP	+0.0411%	1h	0.008482	−2.281%	$36K	$110K	10x	as long as short