Funding arb · Price arb /

ZRO

all ZRO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0175%/8h= +19.1% APRpaid last 24h +0.065%

Price spread now: Nado against Orderly−0.023%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Nado

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 airdropNado: Active · farm boardneeds both histories

Funding pays, the price is against you. Nado is 0.023% cheaper against Orderly than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 11 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ZRO_USDC	1.1744	0.0027	pay 0.0013% / 4h	2h 25m	$21K	$5K	10x
Short	Nado ZRO-PERP	1.1741	0.0201	get 0.0025% / 1h	25m 14s	$1.3M	$125K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Orderly. 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 OrderlybpFee NadobpOrdersPrice spread, now −0.023%Rate

Funding earned: $36.65
Price spread: −0.023% → 0.000%: −$2.31
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $21.34
Costs to cover: 0.130%
Break-even: 2.9 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Nado live order book, 3 min ago	2.12 bp	11.7 bp −$12	29.8 bp −$298	doesn't fit	doesn't fit

Orderly: 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 25 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	−0.0240%	1h	1.1736	−0.072%	$7K	$3K	5x	as long as short
dYdX ZRO-USD	0.0000%	1h	1.1738	−0.055%	$21K	$3K	5x	as long as short
Bybit ZROUSDT	+0.0015%	4h	1.1730	−0.119%	$18.0M	$14.0M	50x	as long as short
Gate ZRO_USDT	+0.0022%	4h	1.1730	−0.119%	$1.3M	$1.5M	75x	as long as short
Orderly PERP_ZRO_USDClong	+0.0027%	4h	1.1744	long leg	$21K	$5K	10x
Lighter ZRO	+0.0096%	1h	1.1760	+0.132%	$4.4M	$1.2M	5x	as long as short
Hyperliquid ZRO	+0.0100%	1h	1.1757	+0.107%	$37.2M	$5.5M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1757	+0.108%	$159K	$150K	10x	as long as short
Pacifica ZRO	+0.0100%	1h	1.1734	−0.085%	$136K	$167K	5x	as long as short
Binance ZROUSDT	+0.0100%	4h	1.1739	−0.039%	$22.0M	$29.8M	75x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ZRO-USDT-SWAP	+0.0100%	4h	1.1744	0.000%	$3.2M	$8.0M	20x	as long as short
MEXC ZRO_USDT	+0.0100%	4h	1.1742	−0.017%	$19.1M	$2.7M	125x	as long as short
KuCoin ZROUSDTM	+0.0100%	4h	1.1745	+0.009%	$2.3M	$1.9M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1744	0.000%	$2.7M	$2.4M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1736	−0.068%	—	$16.5M	—	as long as short
Backpack ZRO_USDC_PERP	+0.0100%	1h	1.1759	+0.128%	$96K	$211K	20x	as long as short
Variational Omni ZRO	+0.0100%	4h	1.1736	−0.072%	$2.3M	$817K	—	as long as short
ApeX Omni ZROUSDT	+0.0100%	1h	1.1740	−0.034%	$39K	$682K	50x	as long as short
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1752	+0.068%	$92K	$840K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1738	−0.050%	$21K	—	3x	as long as short
Nado ZRO-PERPshort	+0.0201%	1h	1.1741	−0.023%	$1.3M	$125K	5x
GMX ZRO/USD [ETH-USDC]	L +0.0292% / S −0.2341%	1h	1.1752	+0.065%	$3K	—	100x	as long as short
Kraken Futures PF_ZROUSD	+0.0370%	1h	1.1755	+0.097%	$252K	$404K	25x	as long as short
Extended ZRO-USD	+0.0840%	1h	1.1743	−0.009%	$788K	$592K	10x	as long as short
Injective ZRO/USDC PERP	+0.1213%	1h	1.1790	+0.392%	$12K	$260K	12x	as long as short