Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Hyperliquid against Backpack+0.212%7-day average +0.087% · you sell dearer than you buy

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

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.212%, 7d avg +0.087%

Together, before fees−0.092%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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: Hyperliquid is 0.125% dearer against Backpack than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZORA_USDC_PERP	0.008498	0.0100	pay 0.0013% / 1h	16m 39s	$33K	$115K	10x
Short	Hyperliquid ZORA	0.008516	0.0100	get 0.0013% / 1h	16m 39s	$1.6M	$314K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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 BackpackbpFee HyperliquidbpOrdersPrice spread, now +0.212%Rate

Funding earned: $0
Price spread: +0.212% → +0.087%: $12.47
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.53
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 56 min ago; Hyperliquid: 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 Backpack live order book, 56 min ago	2.37 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	3.52 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	0.008503	+0.059%	$313	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008504	+0.071%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008494	−0.047%	$22K	$11K	3x	as long as short
Hyperliquid ZORAshort	+0.0100%	1h	0.008516	+0.212%	$1.6M	$314K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008503	+0.055%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008510	+0.141%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008497	−0.012%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008504	+0.071%	$776K	$1.0M	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008490	−0.094%	$155K	$75K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008506	+0.094%	$9.9M	$229K	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	0.008499	+0.012%	$776K	$1.3M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008506	+0.094%	$729K	$215K	25x	as long as short
Backpack ZORA_USDC_PERPlong	+0.0100%	1h	0.008498	long leg	$33K	$115K	10x
Variational Omni ZORA	+0.0100%	4h	0.008477	−0.246%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008670	+2.024%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008509	+0.129%	$6K	$167K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008483	−0.177%	$1K	—	100x	as long as short