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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.015%

Price spread now: Backpack against Hyperliquid−0.107%7-day average −0.085% · you buy dearer than you sell

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

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now −0.107%, 7d avg −0.085%

Together, before fees+0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 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: Backpack is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZORA	0.008416	0.0100	pay 0.0013% / 1h	37m 33s	$1.6M	$317K	3x
Short	Backpack ZORA_USDC_PERP	0.008407	0.0100	get 0.0013% / 1h	37m 33s	$33K	$117K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.107%Rate

Funding earned: $0
Price spread: −0.107% → −0.085%: −$2.21
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.21
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Backpack: live order book, 45 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 Hyperliquid live order book, 3 min ago	1.78 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 45 min ago	0.60 bp	13.4 bp −$13	doesn't fit	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	0.008402	−0.166%	$309	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008408	−0.095%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008390	−0.309%	$22K	$11K	3x	as long as short
Hyperliquid ZORAlong	+0.0100%	1h	0.008416	long leg	$1.6M	$317K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008409	−0.087%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008401	−0.178%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008391	−0.297%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008395	−0.250%	$764K	$966K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008400	−0.190%	$155K	$73K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008402	−0.166%	$9.8M	$224K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZORAUSDTM	+0.0100%	4h	0.008400	−0.190%	$777K	$1.1M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008406	−0.119%	$734K	$205K	25x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0100%	1h	0.008407	−0.107%	$33K	$117K	10x
Variational Omni ZORA	+0.0100%	4h	0.008401	−0.178%	$125K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008590	+2.067%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008397	−0.231%	$6K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008413	−0.036%	$1K	—	100x	as long as short