Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.014%

Price spread now: Hyperliquid against Variational Omni+0.423%7-day average +0.241% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.040%+$4 on $10k

Price spread, last 3 days (all we have)−0.337%−$34 · spread now +0.423%, 7d avg +0.241%

Together, before fees−0.297%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.182% dearer against Variational Omni than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.241%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZORA	0.008382	0.0100	pay 0.0050% / 4h	1h 33m	$125K	$26K	—
Short	Hyperliquid ZORA	0.008417	0.0124	get 0.0015% / 1h	33m 57s	$1.6M	$317K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.423%Rate

Funding earned: $5.02
Price spread: +0.423% → +0.241%: $18.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.27
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 50 min ago; Hyperliquid: live order book, 7 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 Variational Omni RFQ quote, 50 min ago	8.35 bp	doesn't fit	79.9 bp −$799	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.78 bp	doesn't fit	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	+0.244%	$309	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008389	+0.089%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008382	+0.006%	$22K	$11K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008393	+0.136%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008402	+0.242%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008388	+0.077%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008396	+0.173%	$763K	$966K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008380	−0.018%	$155K	$73K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008401	+0.232%	$9.8M	$224K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008390	+0.101%	$774K	$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	0.008395	+0.161%	$733K	$205K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008401	+0.232%	$33K	$117K	10x	as long as short
Variational Omni ZORAlong	+0.0100%	4h	0.008382	long leg	$125K	$26K	—
SunX ZORA-USDT	+0.0100%	4h	0.008570	+2.249%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008403	+0.262%	$6K	$169K	5x	as long as short
Hyperliquid ZORAshort	+0.0124%	1h	0.008417	+0.423%	$1.6M	$317K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008391	+0.113%	$1K	—	100x	as long as short