Funding arb · Price arb /

ZRO

all ZRO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h −0.072%

Price spread now: Bybit against GMX+0.026%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bybit

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—needs both histories

The price spread pays, funding is against you. Bybit is 0.026% dearer against GMX than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZRO/USD [ETH-USDC]	1.1860	L +0.0292% / S −0.2341%	pay 0.0036% / 1h	57m 35s	$3K	—	100x
Short	Bybit ZROUSDT	1.1863	0.0100	get 0.0050% / 4h	57m 35s	$18.1M	$14.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$40.32
Price spread: +0.026% → 0.000%: $2.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.73
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.84 bp	16.4 bp −$16	44.1 bp −$441	doesn't fit	doesn't fit

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.

ZRO on 26 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
01 Exchange ZROUSD	−0.0144%	1h	1.1873	+0.109%	$7K	$3K	5x	as long as short
Orderly PERP_ZRO_USDC	−0.0019%	4h	1.1859	−0.008%	$21K	$7K	10x	as long as short
Lighter ZRO	+0.0096%	1h	1.1873	+0.110%	$4.4M	$1.5M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1861	+0.007%	$159K	$154K	10x	as long as short
Pacifica ZRO	+0.0100%	1h	1.1868	+0.068%	$138K	$181K	5x	as long as short
Binance ZROUSDT	+0.0100%	4h	1.1868	+0.067%	$22.3M	$31.3M	75x	as long as short
Bybit ZROUSDTshort	+0.0100%	4h	1.1863	+0.026%	$18.1M	$14.7M	50x
OKX ZRO-USDT-SWAP	+0.0100%	4h	1.1869	+0.076%	$3.2M	$8.4M	20x	as long as short
Gate ZRO_USDT	+0.0100%	4h	1.1850	−0.084%	$1.4M	$1.8M	75x	as long as short
MEXC ZRO_USDT	+0.0100%	4h	1.1864	+0.034%	$19.2M	$2.7M	125x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZROUSDTM	+0.0100%	4h	1.1859	−0.008%	$2.5M	$1.9M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1864	+0.034%	$2.7M	$2.4M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1868	+0.068%	—	$10.7M	—	as long as short
Backpack ZRO_USDC_PERP	+0.0100%	1h	1.1867	+0.060%	$101K	$208K	20x	as long as short
Variational Omni ZRO	+0.0100%	4h	1.1837	−0.194%	$2.3M	$850K	—	as long as short
ApeX Omni ZROUSDT	+0.0100%	1h	1.1850	−0.084%	$37K	$686K	50x	as long as short
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1862	+0.017%	$89K	$815K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1858	−0.015%	$21K	—	3x	as long as short
Kraken Futures PF_ZROUSD	+0.0132%	1h	1.1871	+0.092%	$255K	$434K	25x	as long as short
BloFin ZRO-USDT	+0.0135%	4h	1.1847	−0.109%	$1.1M	$261K	75x	as long as short
Hyperliquid ZRO	+0.0209%	1h	1.1879	+0.161%	$37.7M	$6.2M	5x	as long as short
dYdX ZRO-USD	+0.0257%	1h	1.1866	+0.049%	$21K	$2K	5x	as long as short
GMX ZRO/USD [ETH-USDC]long	L +0.0292% / S −0.2341%	1h	1.1860	long leg	$3K	—	100x
Nado ZRO-PERP	+0.0383%	1h	1.1852	−0.063%	$1.3M	$126K	5x	as long as short
Injective ZRO/USDC PERP	+0.1159%	1h	1.1850	−0.084%	$12K	$260K	12x	as long as short
Extended ZRO-USD	+0.2056%	1h	1.1868	+0.071%	$784K	$558K	10x	as long as short