Funding arb · Price arb /

ZRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0479%/8h= −52.5% APRpaid last 24h 0.000%

Price spread now: Gate against OKX+0.008%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$410as in the Funding arb table

Net, price: spread back to 7d avg − costs−$409as in the Price arb table

costs, in and out, $10k−$4114.112% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.008%, 7d avg −0.015%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.024% dearer against OKX than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.015%): +$2 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZRX-USDT-SWAP	0.1184	0.0100	pay 0.0050% / 4h	1h 57m	$520K	$354K	20x
Short	Gate ZRX_USDT	0.1184	−0.0379	pay 0.0379% / 8h	5h 57m	$141K	$36K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against OKX. 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 OKXbpFee GatebpOrdersPrice spread, now +0.008%Rate

Funding earned: −$100.59
Price spread: +0.008% → −0.015%: $2.37
Slippage, 4 orders: −$386.18
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$509.41
Costs to cover: 4.112%
Break-even: never at this rate

Slippage from OKX: live order book, 51 min ago; Gate: live order book, 49 min ago.

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, 51 min ago	7.20 bp	38.7 bp −$39	4805.1 bp −$48.1K	doesn't fit	doesn't fit
Sell Gate live order book, 49 min ago	10.56 bp	144.3 bp −$144	doesn't fit	doesn't fit	doesn't fit

ZRX on 11 exchanges

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
Gate ZRX_USDTshort	−0.0379%	8h	0.1184	+0.008%	$141K	$36K	75x
Bybit ZRXUSDT	−0.0294%	8h	0.1185	+0.076%	$1.4M	$353K	25x	as long as short
Binance ZRXUSDT	+0.0100%	4h	0.1185	+0.076%	$1.7M	$1.4M	50x	as long as short
OKX ZRX-USDT-SWAPlong	+0.0100%	4h	0.1184	long leg	$520K	$354K	20x
MEXC ZRX_USDT	+0.0100%	4h	0.1186	+0.160%	$878K	$134K	50x	as long as short
KuCoin ZRXUSDTM	+0.0100%	4h	0.1185	+0.076%	$287K	$57K	30x	as long as short
Bitget ZRXUSDT	+0.0100%	4h	0.1186	+0.160%	$586K	$142K	50x	as long as short
BingX ZRX-USDT	+0.0100%	4h	0.1185	+0.076%	—	$2.3M	—	as long as short
Variational Omni ZRX	+0.0100%	8h	0.1185	+0.074%	$22K	$13K	—	as long as short
BloFin ZRX-USDT	+0.0132%	4h	0.1184	−0.008%	$91K	$23K	50x	as long as short

Show all 11 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZRXUSD	+0.0452%	1h	0.1186	+0.191%	$38K	$6K	10x	as long as short