Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.024%

Price spread now: BingX against Hyperliquid−0.237%7-day average −0.113% · you buy dearer than you sell

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

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 7 days+0.268%+$27 · spread now −0.237%, 7d avg −0.113%

Together, before fees+0.191%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.123% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.113%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZORA	0.008451	0.0100	pay 0.0013% / 1h	2m 43s	$1.6M	$303K	3x
Short	BingX ZORA-USDT	0.008431	0.0070	get 0.0035% / 4h	3h 02m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$6.3
Price spread: −0.237% → −0.113%: −$12.35
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$37.65
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; BingX: live order book, 4 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, 8 min ago	1.77 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	3.55 bp	17.7 bp −$18	67.1 bp −$671	590.8 bp −$59.1K	1136.6 bp −$568.3K

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	0.008432	−0.222%	$310	$5	5x	as long as short
BingX ZORA-USDTshort	+0.0070%	4h	0.008431	−0.237%	—	$6.5M	—
Lighter ZORA	+0.0096%	1h	0.008424	−0.319%	$22K	$14K	3x	as long as short
Hyperliquid ZORAlong	+0.0100%	1h	0.008451	long leg	$1.6M	$303K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008443	−0.095%	$26K	$13K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008435	−0.195%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008422	−0.343%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008420	−0.367%	$764K	$936K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008430	−0.248%	$158K	$80K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008442	−0.106%	$9.8M	$226K	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	0.008442	−0.106%	$747K	$1.5M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008442	−0.106%	$732K	$228K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008445	−0.071%	$37K	$103K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008454	+0.036%	$127K	$24K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008640	+2.236%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008429	−0.266%	$7K	$196K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008444	−0.083%	$1K	—	100x	as long as short