Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.007%

Price spread now: Hyperliquid against OKX+0.224%7-day average +0.085% · you sell dearer than you buy

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

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days−0.194%−$19 · spread now +0.224%, 7d avg +0.085%

Together, before fees−0.115%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 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 0.139% dearer against OKX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZORA-USDT-SWAP	0.008494	0.0100	pay 0.0050% / 4h	47m 25s	$775K	$987K	10x
Short	Hyperliquid ZORA	0.008513	0.0100	get 0.0013% / 1h	47m 25s	$1.6M	$316K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.224%Rate

Funding earned: $0
Price spread: +0.224% → +0.085%: $13.86
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$5.14
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 29 min ago; Hyperliquid: 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 OKX live order book, 29 min ago	1.78 bp	35.0 bp −$35	115.1 bp −$1,151	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	2.35 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	+0.112%	$313	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008494	0.000%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008486	−0.094%	$22K	$12K	3x	as long as short
Hyperliquid ZORAshort	+0.0100%	1h	0.008513	+0.224%	$1.6M	$316K	3x
Aster ZORAUSDT	+0.0100%	4h	0.008501	+0.083%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008499	+0.059%	$2.5M	$3.9M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008486	−0.094%	$2.3M	$1.6M	25x	as long as short
OKX ZORA-USDT-SWAPlong	+0.0100%	4h	0.008494	long leg	$775K	$987K	10x
Gate ZORA_USDT	+0.0100%	4h	0.008490	−0.047%	$157K	$74K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008500	+0.071%	$9.9M	$225K	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	0.008498	+0.047%	$768K	$1.2M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008508	+0.165%	$743K	$206K	25x	as long as short
Variational Omni ZORA	+0.0100%	4h	0.008491	−0.030%	$126K	$26K	—	as long as short
SunX ZORA-USDT	+0.0100%	4h	0.008680	+2.190%	$1K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008497	+0.032%	$6K	$169K	5x	as long as short
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008496	+0.024%	$1K	—	100x	as long as short
Backpack ZORA_USDC_PERP	+0.0311%	1h	0.008501	+0.082%	$34K	$114K	10x	as long as short