Funding you earn now, next payment 21:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h −0.032%
Price spread now: Bybit against Backpack−0.107%46s7-day average −0.155% · you buy dearer than you sell
Net, funding: paid 7d − costs−$92as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$800.797% of the position
Funding, last 7 days−0.123%−$12 on $10k
+Price spread, last 4 days (all we have)+0.432%+$43 · spread now −0.107%, 7d avg −0.155%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.048% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.155%. Mind the row above: over the last 7 days funding on this pair cost −0.123%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ZORA_USDC_PERP | 0.008438 | 0.0029 | pay 0.0004% / 1h | 44m 18s | $38K | $117K | 10x |
| Short | Bybit ZORAUSDT | 0.008429 | 0.0100 | get 0.0050% / 4h | 3h 44m | $2.3M | $1.6M | 25x |
Backpack ZORA_USDC_PERP
Bybit ZORAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $14.97
- Price spread: −0.107% → −0.155%
- $4.79
- Slippage, 4 orders
- −$58.72
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$59.96
- Costs to cover
- 0.797%
- Break-even
- 35.0 days
Slippage from Backpack: live order book, 4 min ago; Bybit: live order book, 3 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, 4 min ago | 1.78 bp | 17.7 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 2.38 bp | 22.5 bp −$23 | 73.0 bp −$730 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni ZORA | −0.0039% | 4h | 0.008423 | −0.182% | $125K | $26K | — | as long as short |
| dYdX ZORA-USD | 0.0000% | 1h | 0.008439 | +0.008% | $311 | $5 | 5x | as long as short |
| Backpack ZORA_USDC_PERPlong | +0.0029% | 1h | 0.008438 | long leg | $38K | $117K | 10x | |
| BingX ZORA-USDT | +0.0070% | 4h | 0.008437 | −0.012% | — | $6.6M | — | as long as short |
| Lighter ZORA | +0.0096% | 1h | 0.008422 | −0.190% | $22K | $12K | 3x | as long as short |
| Hyperliquid ZORA | +0.0100% | 1h | 0.008456 | +0.213% | $1.7M | $275K | 3x | as long as short |
| Aster ZORAUSDT | +0.0100% | 4h | 0.008440 | +0.026% | $26K | $28K | 5x | as long as short |
| Binance ZORAUSDT | +0.0100% | 4h | 0.008441 | +0.037% | $2.5M | $4.0M | 50x | as long as short |
| Bybit ZORAUSDTshort | +0.0100% | 4h | 0.008429 | −0.107% | $2.3M | $1.6M | 25x | |
| OKX ZORA-USDT-SWAP | +0.0100% | 4h | 0.008427 | −0.130% | $766K | $966K | 10x | as long as short |
Variational Omni ZORA
dYdX ZORA-USD
BingX ZORA-USDT
Lighter ZORA
Hyperliquid ZORA
Aster ZORAUSDT
Binance ZORAUSDT
OKX ZORA-USDT-SWAPShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ZORA_USDT | +0.0100% | 4h | 0.008430 | −0.095% | $155K | $75K | 25x | as long as short |
| MEXC ZORA_USDT | +0.0100% | 4h | 0.008442 | +0.047% | $9.8M | $224K | 50x | as long as short |
| KuCoin ZORAUSDTM | +0.0100% | 4h | 0.008441 | +0.036% | $738K | $1.0M | 30x | as long as short |
| Bitget ZORAUSDT | +0.0100% | 4h | 0.008445 | +0.083% | $737K | $220K | 25x | as long as short |
| SunX ZORA-USDT | +0.0100% | 4h | 0.008620 | +2.157% | $2K | $1.2M | 20x | as long as short |
| Extended ZORA-USD | +0.0104% | 1h | 0.008443 | +0.054% | $6K | $169K | 5x | as long as short |
| GMX ZORA/USD [ETH-USDC] | L +0.0230% / S −0.0433% | 1h | 0.008446 | +0.095% | $1K | — | 100x | as long as short |
Gate ZORA_USDT
MEXC ZORA_USDT
KuCoin ZORAUSDTM
Bitget ZORAUSDT
SunX ZORA-USDT
Extended ZORA-USD
GMX ZORA/USD [ETH-USDC]