Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Extended−0.254%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs−$188as in the Price arb table

costs, in and out, $10k−$1711.709% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now −0.254%, 7d avg −0.088%

Together, before fees+0.282%+ Points / potential airdropExtended: Active · farm board+$28 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: Bybit is 0.166% cheaper against Extended than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ZORA-USD	0.008496	0.0104	pay 0.0013% / 1h	22m 35s	$6K	$170K	5x
Short	Bybit ZORAUSDT	0.008474	0.0100	get 0.0050% / 4h	22m 35s	$2.3M	$1.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.254%Rate

Funding earned: −$0.84
Price spread: −0.254% → −0.088%: −$16.61
Slippage, 4 orders: −$154.94
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$188.4
Costs to cover: 1.709%
Break-even: never at this rate

Slippage from Extended: live order book, 33 min ago; Bybit: live order book, 4 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 Extended live order book, 33 min ago	5.91 bp	46.2 bp −$46	344.2 bp −$3,442	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.55 bp	34.3 bp −$34	89.1 bp −$891	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	0.008475	−0.239%	$312	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008482	−0.160%	—	$6.5M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008472	−0.278%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008483	−0.149%	$26K	$12K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008484	−0.131%	$2.5M	$4.1M	50x	as long as short
Bybit ZORAUSDTshort	+0.0100%	4h	0.008474	−0.254%	$2.3M	$1.7M	25x
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008482	−0.160%	$768K	$962K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008480	−0.183%	$157K	$81K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008482	−0.160%	$9.8M	$226K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008480	−0.183%	$749K	$1.4M	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	0.008492	−0.042%	$733K	$219K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008456	−0.467%	$126K	$25K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008660	+1.935%	$1K	$1.3M	20x	as long as short
Extended ZORA-USDlong	+0.0104%	1h	0.008496	long leg	$6K	$170K	5x
Backpack ZORA_USDC_PERP	+0.0139%	1h	0.008481	−0.172%	$37K	$111K	10x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008477	−0.219%	$1K	—	100x	as long as short
Hyperliquid ZORA	+0.0292%	1h	0.008498	+0.028%	$1.6M	$315K	3x	as long as short