Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against Variational Omni+0.364%7-day average +0.253% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.271%−$27 · spread now +0.364%, 7d avg +0.253%

Together, before fees−0.224%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$22 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 0.111% dearer against Variational Omni than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.253%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZORA	0.008530	0.0100	pay 0.0050% / 4h	2h 00m	$127K	$25K	—
Short	Hyperliquid ZORA	0.008561	0.0100	get 0.0013% / 1h	0m 49s	$1.6M	$307K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.364%Rate

Funding earned: $0
Price spread: +0.364% → +0.253%: $11.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.1
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 48 min ago; Hyperliquid: live order book, 10 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 Variational Omni RFQ quote, 48 min ago	6.40 bp	doesn't fit	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.92 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	0.008540	+0.124%	$314	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008539	+0.106%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008534	+0.048%	$22K	$16K	3x	as long as short
Hyperliquid ZORAshort	+0.0100%	1h	0.008561	+0.364%	$1.6M	$307K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008551	+0.243%	$26K	$15K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008546	+0.189%	$2.5M	$4.3M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008530	+0.001%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008541	+0.130%	$771K	$999K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008540	+0.118%	$163K	$84K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008546	+0.188%	$9.9M	$236K	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	0.008546	+0.188%	$757K	$1.5M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008551	+0.247%	$699K	$283K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008545	+0.177%	$37K	$106K	10x	as long as short
Variational Omni ZORAlong	+0.0100%	4h	0.008530	long leg	$127K	$25K	—
SunX ZORA-USDT	+0.0100%	4h	0.008730	+2.346%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008545	+0.176%	$6K	$204K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008543	+0.153%	$1K	—	100x	as long as short