Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.022%

Price spread now: Binance against Backpack+0.012%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now +0.012%, 7d avg −0.031%

Together, before fees−0.042%−$4 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: Binance is 0.043% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZORA_USDC_PERP	0.008393	0.0100	pay 0.0013% / 1h	28m 29s	$33K	$117K	10x
Short	Binance ZORAUSDT	0.008394	0.0100	get 0.0050% / 4h	1h 28m	$2.5M	$3.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → −0.031%: $4.28
Slippage, 4 orders: −$50.16
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$65.88
Costs to cover: 0.702%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; Binance: live order book, 8 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 Backpack live order book, 54 min ago	0.60 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.60 bp	22.0 bp −$22	89.6 bp −$896	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	0.008385	−0.090%	$309	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008389	−0.048%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008382	−0.131%	$22K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008392	−0.018%	$26K	$28K	5x	as long as short
Binance ZORAUSDTshort	+0.0100%	4h	0.008394	+0.012%	$2.5M	$3.9M	50x
Bybit ZORAUSDT	+0.0100%	4h	0.008380	−0.155%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008385	−0.095%	$763K	$967K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008390	−0.036%	$156K	$74K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008395	+0.024%	$9.8M	$224K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008386	−0.083%	$773K	$1.1M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZORAUSDT	+0.0100%	4h	0.008398	+0.060%	$733K	$205K	25x	as long as short
Backpack ZORA_USDC_PERPlong	+0.0100%	1h	0.008393	long leg	$33K	$117K	10x
Variational Omni ZORA	+0.0100%	4h	0.008372	−0.245%	$124K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008560	+1.990%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008385	−0.093%	$6K	$169K	5x	as long as short
Hyperliquid ZORA	+0.0186%	1h	0.008408	+0.179%	$1.6M	$317K	3x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008389	−0.048%	$1K	—	100x	as long as short