Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.097%

Price spread now: GMX against Variational Omni+0.124%7-day average — · you sell dearer than you buy

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

Long on Variational Omni 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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and GMX is 0.124% dearer against Variational Omni than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZORA	0.008462	0.0100	pay 0.0050% / 4h	28m 24s	$126K	$25K	—
Short	GMX ZORA/USD [ETH-USDC]	0.008472	L +0.0231% / S −0.0433%	get 0.0054% / 1h	28m 24s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.124%Rate

Funding earned: $70.02
Price spread: +0.124% → 0.000%: $12.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $70.4
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 31 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 Variational Omni RFQ quote, 31 min ago	6.52 bp	doesn't fit	101.3 bp −$1,013	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	0.008477	+0.183%	$312	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008482	+0.242%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008474	+0.148%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008483	+0.249%	$26K	$12K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008476	+0.177%	$2.5M	$4.1M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008467	+0.065%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008460	−0.018%	$768K	$962K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008470	+0.100%	$157K	$81K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008478	+0.195%	$9.8M	$226K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008483	+0.254%	$751K	$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	0.008486	+0.289%	$732K	$219K	25x	as long as short
Variational Omni ZORAlong	+0.0100%	4h	0.008462	long leg	$126K	$25K	—
SunX ZORA-USDT	+0.0100%	4h	0.008660	+2.346%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008477	+0.184%	$8K	$168K	5x	as long as short
Backpack ZORA_USDC_PERP	+0.0114%	1h	0.008485	+0.278%	$37K	$112K	10x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0231% / S −0.0433%	1h	0.008472	+0.124%	$1K	—	100x
Hyperliquid ZORA	+0.0361%	1h	0.008497	+0.419%	$1.6M	$322K	3x	as long as short