Funding arb · Price arb /

ZM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.059%

Price spread now: Variational Omni against tradeXYZ−0.024%7-day average — · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.024% cheaper against tradeXYZ than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:ZM	90.971	0.0050	pay 0.0006% / 1h	52m 35s	$523K	$80K	10x
Short	Variational Omni ZM	90.949	0	get 0.0000% / 8h	1h 52m	$11K	$36K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.024%Rate

Funding earned: −$10.5
Price spread: −0.024% → 0.000%: −$2.41
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.91
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 14 min ago; Variational Omni: 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 tradeXYZ live order book, 14 min ago	7.48 bp	31.8 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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.

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	91.116	+0.160%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.060	+0.098%	$413K	$518K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.020	+0.054%	$95K	$33K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	91.030	+0.065%	$167K	$118K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	90.950	−0.023%	$248K	$132K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	91.050	+0.087%	$200K	$65K	20x	as long as short
Variational Omni ZMshort	0.0000%	8h	90.949	−0.024%	$11K	$36K	—
SunX ZM-USDT	0.0000%	8h	91.040	+0.076%	$1K	$495K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.010	+0.043%	$6K	$36K	10x	as long as short
tradeXYZ xyz:ZMlong	+0.0050%	1h	90.971	long leg	$523K	$80K	10x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX ZM-USD	+0.0067%	1h	91.070	+0.109%	$1.1M	$6.9M	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.180	+0.230%	$65K	$1.5M	20x	as long as short
Polymarket Perps ZM-USD	+0.0418%	1h	91.070	+0.109%	$105K	$390K	10x	as long as short