Funding arb · Price arb /

ZRO

all ZRO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.098%

Price spread now: Orderly against GMX+0.161%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

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—needs both histories

The price spread pays, funding is against you. Orderly is 0.161% dearer against GMX than usual: you sell high and buy low (spread +0.161% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZRO/USD [ETH-USDC]	1.1794	L +0.0293% / S −0.2341%	pay 0.0037% / 1h	8m 24s	$3K	—	100x
Short	Orderly PERP_ZRO_USDC	1.1813	0.0085	get 0.0043% / 4h	8m 24s	$21K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.161%Rate

Funding earned: −$43.69
Price spread: +0.161% → 0.000%: $16.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$45.62
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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.

ZRO on 26 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 ZRO-USD	+0.0006%	1h	1.1781	−0.110%	$21K	$5K	5x	as long as short
01 Exchange ZROUSD	+0.0008%	1h	1.1759	−0.295%	$4K	$5K	5x	as long as short
BloFin ZRO-USDT	+0.0075%	4h	1.1735	−0.501%	$1.0M	$199K	75x	as long as short
Orderly PERP_ZRO_USDCshort	+0.0085%	4h	1.1813	+0.161%	$21K	$4K	10x
Lighter ZRO	+0.0096%	1h	1.1795	+0.011%	$4.4M	$1.2M	5x	as long as short
Nado ZRO-PERP	+0.0100%	1h	1.1747	−0.396%	$1.3M	$126K	5x	as long as short
Hyperliquid ZRO	+0.0100%	1h	1.1755	−0.331%	$37.2M	$5.3M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1794	0.000%	$159K	$149K	10x	as long as short
Pacifica ZRO	+0.0100%	1h	1.1775	−0.164%	$139K	$165K	5x	as long as short
Binance ZROUSDT	+0.0100%	4h	1.1802	+0.067%	$22.1M	$28.7M	75x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZROUSDT	+0.0100%	4h	1.1799	+0.042%	$18.0M	$13.1M	50x	as long as short
OKX ZRO-USDT-SWAP	+0.0100%	4h	1.1808	+0.118%	$3.2M	$7.7M	20x	as long as short
Gate ZRO_USDT	+0.0100%	4h	1.1760	−0.289%	$1.3M	$1.4M	75x	as long as short
MEXC ZRO_USDT	+0.0100%	4h	1.1752	−0.357%	$19.3M	$2.7M	125x	as long as short
KuCoin ZROUSDTM	+0.0100%	4h	1.1769	−0.212%	$2.4M	$2.0M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1795	+0.008%	$2.7M	$2.5M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1805	+0.093%	—	$21.7M	—	as long as short
Backpack ZRO_USDC_PERP	+0.0100%	1h	1.1793	−0.009%	$95K	$214K	20x	as long as short
Variational Omni ZRO	+0.0100%	4h	1.1666	−1.090%	$2.3M	$759K	—	as long as short
ApeX Omni ZROUSDT	+0.0100%	1h	1.1690	−0.882%	$39K	$668K	50x	as long as short
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1755	−0.331%	$100K	$810K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1810	+0.139%	$21K	—	3x	as long as short
GMX ZRO/USD [ETH-USDC]long	L +0.0293% / S −0.2341%	1h	1.1794	long leg	$3K	—	100x
Kraken Futures PF_ZROUSD	+0.0427%	1h	1.1797	+0.021%	$257K	$291K	25x	as long as short
Extended ZRO-USD	+0.0504%	1h	1.1803	+0.078%	$807K	$647K	10x	as long as short
Injective ZRO/USDC PERP	+0.1271%	1h	1.1770	−0.204%	$12K	$261K	12x	as long as short