Funding arb · Price arb /

ZORA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0333%/8h= +36.5% APRpaid last 24h +0.097%

Price spread now: GMX against Variational Omni−0.012%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZORA	0.008426	0.0100	pay 0.0050% / 4h	1h 58m	$125K	$25K	—
Short	GMX ZORA/USD [ETH-USDC]	0.008425	L +0.0230% / S −0.0433%	get 0.0054% / 1h	58m 00s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $70.02
Price spread: −0.012% → 0.000%: −$1.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $56.8
Costs to cover: 0.120%
Break-even: 1.3 days

Slippage unknown: Variational Omni: RFQ quote, 6 min ago; GMX: no order-book sample. 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, 6 min ago	4.74 bp	doesn't fit	97.1 bp −$971	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.008444	+0.216%	$311	$5	5x	as long as short
Lighter ZORA	+0.0096%	1h	0.008422	−0.048%	$22K	$14K	3x	as long as short
Aster ZORAUSDT	+0.0100%	4h	0.008433	+0.084%	$26K	$26K	5x	as long as short
Binance ZORAUSDT	+0.0100%	4h	0.008426	+0.004%	$2.5M	$4.0M	50x	as long as short
Bybit ZORAUSDT	+0.0100%	4h	0.008413	−0.155%	$2.3M	$1.7M	25x	as long as short
OKX ZORA-USDT-SWAP	+0.0100%	4h	0.008411	−0.178%	$763K	$955K	10x	as long as short
Gate ZORA_USDT	+0.0100%	4h	0.008420	−0.072%	$154K	$78K	25x	as long as short
MEXC ZORA_USDT	+0.0100%	4h	0.008431	+0.059%	$9.8M	$223K	50x	as long as short
KuCoin ZORAUSDTM	+0.0100%	4h	0.008430	+0.047%	$757K	$1.4M	30x	as long as short
Bitget ZORAUSDT	+0.0100%	4h	0.008434	+0.095%	$721K	$214K	25x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZORA-USDT	+0.0100%	4h	0.008428	+0.023%	—	$6.5M	—	as long as short
Backpack ZORA_USDC_PERP	+0.0100%	1h	0.008427	+0.012%	$35K	$109K	10x	as long as short
Variational Omni ZORAlong	+0.0100%	4h	0.008426	long leg	$125K	$25K	—
SunX ZORA-USDT	+0.0100%	4h	0.008630	+2.421%	$2K	$1.2M	20x	as long as short
Extended ZORA-USD	+0.0104%	1h	0.008413	−0.154%	$8K	$168K	5x	as long as short
GMX ZORA/USD [ETH-USDC]short	L +0.0230% / S −0.0433%	1h	0.008425	−0.012%	$1K	—	100x
Hyperliquid ZORA	+0.0397%	1h	0.008441	+0.178%	$1.6M	$319K	3x	as long as short