Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.015%

Price spread now: Bybit against Hyperliquid−0.402%7-day average −0.178% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days+0.497%+$50 · spread now −0.402%, 7d avg −0.178%

Together, before fees+0.469%+ Points / potential airdropHyperliquid: Season 2 · farm board+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.224% cheaper against Hyperliquid than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.178%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZORA	0.008461	0.0146	pay 0.0018% / 1h	19m 16s	$1.6M	$308K	3x
Short	Bybit ZORAUSDT	0.008427	0.0100	get 0.0050% / 4h	2h 19m	$2.3M	$1.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.402%Rate

Funding earned: −$9.57
Price spread: −0.402% → −0.178%: −$22.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.94
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 min ago; Bybit: live order book, 3 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 Hyperliquid live order book, 1 min ago	2.37 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.97 bp	34.5 bp −$35	105.5 bp −$1,055	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	0.008440	−0.245%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008442	−0.225%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008436	−0.295%	$22K	$15K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008442	−0.226%	$26K	$16K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008448	−0.156%	$2.5M	$4.3M	50x	as long as short
Bybit ZORAUSDTshort	+0.0100%	4h	0.008427	−0.402%	$2.3M	$1.7M	25x
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008440	−0.248%	$759K	$986K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008440	−0.248%	$162K	$83K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008445	−0.189%	$9.8M	$229K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008444	−0.201%	$749K	$1.5M	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	0.008448	−0.154%	$686K	$278K	25x	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008440	−0.248%	$33K	$104K	10x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008398	−0.750%	$125K	$25K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008630	+1.997%	$2K	$1.3M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008445	−0.189%	$8K	$199K	5x	as long as short
Hyperliquid ZORAlong	+0.0146%	1h	0.008461	long leg	$1.6M	$308K	3x
GMX ZORA/USD [ETH-USDC]	L +0.0231% / S −0.0433%	1h	0.008444	−0.201%	$1K	—	100x	as long as short