Funding arb · Price arb /

ZRO

all ZRO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0191%/8h= −21.0% APRpaid last 24h −0.072%

Price spread now: Variational Omni against GMX+0.382%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 Variational Omni

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 pays, funding is against you. Variational Omni is 0.382% dearer against GMX than usual: you sell high and buy low (spread +0.382% now, against zero (this spread has no 7-day history yet)): +$38 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZRO/USD [ETH-USDC]	1.1753	L +0.0291% / S −0.2341%	pay 0.0036% / 1h	54m 44s	$3K	—	100x
Short	Variational Omni ZRO	1.1797	0.0100	get 0.0050% / 4h	3h 54m	$2.3M	$876K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.382%Rate

Funding earned: −$40.21
Price spread: +0.382% → 0.000%: $38.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.01
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.84 bp	doesn't fit	46.7 bp −$467	doesn't fit	doesn't fit

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.

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
Bybit ZROUSDT	−0.0940%	4h	1.1755	+0.021%	$17.9M	$14.3M	50x	as long as short
Gate ZRO_USDT	−0.0754%	4h	1.1750	−0.021%	$1.4M	$1.5M	75x	as long as short
ApeX Omni ZROUSDT	−0.0347%	1h	1.1790	+0.319%	$37K	$687K	50x	as long as short
01 Exchange ZROUSD	−0.0240%	1h	1.1740	−0.110%	$7K	$3K	5x	as long as short
dYdX ZRO-USD	0.0000%	1h	1.1768	+0.133%	$21K	$3K	5x	as long as short
Orderly PERP_ZRO_USDC	+0.0011%	4h	1.1748	−0.038%	$21K	$7K	10x	as long as short
Lighter ZRO	+0.0096%	1h	1.1756	+0.033%	$4.4M	$1.5M	5x	as long as short
Hyperliquid ZRO	+0.0100%	1h	1.1765	+0.108%	$37.3M	$5.9M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1767	+0.121%	$157K	$149K	10x	as long as short
Pacifica ZRO	+0.0100%	1h	1.1762	+0.076%	$136K	$172K	5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance ZROUSDT	+0.0100%	4h	1.1759	+0.055%	$22.1M	$30.6M	75x	as long as short
OKX ZRO-USDT-SWAP	+0.0100%	4h	1.1757	+0.038%	$3.2M	$8.1M	20x	as long as short
MEXC ZRO_USDT	+0.0100%	4h	1.1760	+0.064%	$19.1M	$2.7M	125x	as long as short
KuCoin ZROUSDTM	+0.0100%	4h	1.1752	−0.004%	$2.4M	$1.9M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1757	+0.038%	$2.7M	$2.4M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1754	+0.013%	—	$10.7M	—	as long as short
Variational Omni ZROshort	+0.0100%	4h	1.1797	+0.382%	$2.3M	$876K	—
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1755	+0.021%	$91K	$830K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1759	+0.052%	$21K	—	3x	as long as short
BloFin ZRO-USDT	+0.0158%	4h	1.1749	−0.030%	$1.1M	$256K	75x	as long as short
Nado ZRO-PERP	+0.0247%	1h	1.1747	−0.048%	$1.3M	$123K	5x	as long as short
GMX ZRO/USD [ETH-USDC]long	L +0.0291% / S −0.2341%	1h	1.1753	long leg	$3K	—	100x
Kraken Futures PF_ZROUSD	+0.0302%	1h	1.1767	+0.125%	$252K	$411K	25x	as long as short
Backpack ZRO_USDC_PERP	+0.0507%	1h	1.1758	+0.047%	$97K	$204K	20x	as long as short
Injective ZRO/USDC PERP	+0.1190%	1h	1.1820	+0.574%	$12K	$260K	12x	as long as short
Extended ZRO-USD	+0.1512%	1h	1.1757	+0.036%	$784K	$589K	10x	as long as short