Funding arb · Price arb /

ZRO

all ZRO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h −0.066%

Price spread now: MEXC against GMX+0.031%7-day average — · you sell dearer than you buy

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. MEXC is 0.031% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZRO/USD [ETH-USDC]	1.1665	L +0.0292% / S −0.2341%	pay 0.0036% / 1h	26m 56s	$3K	—	100x
Short	MEXC ZRO_USDT	1.1669	0.0100	get 0.0050% / 4h	1h 26m	$19.0M	$2.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$40.28
Price spread: +0.031% → 0.000%: $3.13
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$49.15
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	0.86 bp	5.9 bp −$6	23.0 bp −$230	71.9 bp −$7,189	331.7 bp −$165.8K

GMX: 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.

ZRO on 26 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
01 Exchange ZROUSD	−0.0424%	1h	1.1674	+0.075%	$7K	$3K	5x	as long as short
dYdX ZRO-USD	0.0000%	1h	1.1688	+0.191%	$21K	$3K	5x	as long as short
Orderly PERP_ZRO_USDC	+0.0035%	4h	1.1662	−0.029%	$20K	$5K	10x	as long as short
Bybit ZROUSDT	+0.0050%	4h	1.1658	−0.063%	$17.8M	$14.0M	50x	as long as short
Gate ZRO_USDT	+0.0054%	4h	1.1680	+0.126%	$1.3M	$1.5M	75x	as long as short
BloFin ZRO-USDT	+0.0058%	4h	1.1683	+0.151%	$1.1M	$248K	75x	as long as short
Lighter ZRO	+0.0096%	1h	1.1683	+0.150%	$4.3M	$1.2M	5x	as long as short
Hyperliquid ZRO	+0.0100%	1h	1.1690	+0.211%	$37.0M	$5.5M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1681	+0.135%	$157K	$150K	10x	as long as short
Pacifica ZRO	+0.0100%	1h	1.1684	+0.163%	$136K	$176K	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ZROUSDT	+0.0100%	4h	1.1665	−0.003%	$21.8M	$29.9M	75x	as long as short
OKX ZRO-USDT-SWAP	+0.0100%	4h	1.1674	+0.074%	$3.2M	$7.9M	20x	as long as short
MEXC ZRO_USDTshort	+0.0100%	4h	1.1669	+0.031%	$19.0M	$2.7M	125x
KuCoin ZROUSDTM	+0.0100%	4h	1.1680	+0.126%	$2.3M	$2.0M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1658	−0.063%	$2.7M	$2.5M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1667	+0.014%	—	$16.5M	—	as long as short
Backpack ZRO_USDC_PERP	+0.0100%	1h	1.1674	+0.074%	$96K	$196K	20x	as long as short
Variational Omni ZRO	+0.0100%	4h	1.1727	+0.529%	$2.3M	$811K	—	as long as short
ApeX Omni ZROUSDT	+0.0100%	1h	1.1740	+0.640%	$39K	$672K	50x	as long as short
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1682	+0.143%	$99K	$849K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1660	−0.046%	$21K	—	3x	as long as short
Kraken Futures PF_ZROUSD	+0.0198%	1h	1.1681	+0.136%	$257K	$407K	25x	as long as short
Nado ZRO-PERP	+0.0199%	1h	1.1669	+0.032%	$1.3M	$125K	5x	as long as short
GMX ZRO/USD [ETH-USDC]long	L +0.0292% / S −0.2341%	1h	1.1665	long leg	$3K	—	100x
Extended ZRO-USD	+0.0608%	1h	1.1667	+0.012%	$780K	$591K	10x	as long as short
Injective ZRO/USDC PERP	+0.1102%	1h	1.1750	+0.726%	$12K	$260K	12x	as long as short