Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.029%

Price spread now: Backpack against Variational Omni+0.310%7-day average +0.165% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.153%+$15 on $10k

Price spread, last 3 days (all we have)−0.184%−$18 · spread now +0.310%, 7d avg +0.165%

Together, before fees−0.031%+ Points / potential airdropVariational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.145% dearer against Variational Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.165%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZORA	0.008438	0.0100	pay 0.0050% / 4h	1m 45s	$125K	$26K	—
Short	Backpack ZORA_USDC_PERP	0.008464	0.0178	get 0.0022% / 1h	1m 45s	$34K	$114K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.310%Rate

Funding earned: $16.33
Price spread: +0.310% → +0.165%: $14.52
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.86
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 12 min ago; Backpack: live order book, 11 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 Variational Omni RFQ quote, 12 min ago	5.34 bp	doesn't fit	80.1 bp −$801	doesn't fit	doesn't fit
Sell Backpack live order book, 11 min ago	2.37 bp	14.7 bp −$15	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	0.008464	+0.315%	$311	$5	5x	as long as short
BingX ZORA-USDT	+0.0070%	4h	0.008463	+0.298%	—	$6.6M	—	as long as short
Lighter ZORA	+0.0096%	1h	0.008454	+0.191%	$21K	$12K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008468	+0.356%	$26K	$28K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008462	+0.286%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008451	+0.156%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008450	+0.144%	$767K	$991K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008450	+0.144%	$156K	$74K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008462	+0.286%	$9.8M	$230K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008468	+0.357%	$770K	$1.2M	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	0.008466	+0.333%	$728K	$218K	25x	as long as short
Variational Omni ZORAlong	+0.0100%	4h	0.008438	long leg	$125K	$26K	—
SunX ZORA-USDT	+0.0100%	4h	0.008650	+2.514%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008464	+0.311%	$6K	$169K	5x	as long as short
Backpack ZORA_USDC_PERPshort	+0.0178%	1h	0.008464	+0.310%	$34K	$114K	10x
GMX ZORA/USD [ETH-USDC]	L +0.0230% / S −0.0433%	1h	0.008456	+0.215%	$1K	—	100x	as long as short
Hyperliquid ZORA	+0.0430%	1h	0.008480	+0.499%	$1.6M	$315K	3x	as long as short