Funding arb · Price arb /

ZM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against OKX+0.066%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$336as in the Funding arb table

Net, price: spread back to 7d avg − costs−$329as in the Price arb table

costs, in and out, $10k−$3323.325% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.066%, 7d avg +0.032%

Together, before fees−0.180%−$18 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: Bitget is 0.034% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZM-USDT-SWAP	90.940	0	get 0.0000% / 8h	3h 51m	$166K	$113K	20x
Short	Bitget ZMUSDT	91.000	0	get 0.0000% / 8h	3h 51m	$200K	$73K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0
Price spread: +0.066% → +0.032%: $3.4
Slippage, 4 orders: −$310.46
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$329.05
Costs to cover: 3.325%
Break-even: never at this rate

Slippage from OKX: live order book, 64 min ago; Bitget: live order book, 58 min ago.

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 OKX live order book, 64 min ago	8.25 bp	77.8 bp −$78	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 58 min ago	19.76 bp	127.5 bp −$128	154.4 bp −$1,544	doesn't fit	doesn't fit

ZM on 13 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
Aster ZMUSDT	0.0000%	8h	90.974	+0.037%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.010	+0.077%	$414K	$542K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	90.860	−0.088%	$95K	$34K	25x	as long as short
OKX ZM-USDT-SWAPlong	0.0000%	8h	90.940	long leg	$166K	$113K	20x
Gate ZM_USDT	0.0000%	8h	90.950	+0.011%	$247K	$138K	20x	as long as short
Bitget ZMUSDTshort	0.0000%	8h	91.000	+0.066%	$200K	$73K	20x
Variational Omni ZM	0.0000%	8h	90.999	+0.065%	$11K	$51K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.000	+0.066%	$878	$505K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	90.930	−0.011%	$6K	$35K	10x	as long as short
tradeXYZ xyz:ZM	+0.0050%	1h	90.930	−0.011%	$523K	$81K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZMUSDTM	+0.0100%	8h	90.990	+0.055%	$84K	$1.5M	20x	as long as short
QFEX ZM-USD	+0.0160%	1h	90.990	+0.055%	$1.1M	$6.0M	10x	as long as short
Polymarket Perps ZM-USD	+0.0441%	1h	91.060	+0.132%	$99K	$392K	10x	as long as short