Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Hyperliquid against ApeX Omni+0.172%105s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$860.857% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.854%−$85 · spread now +0.172%, 7d avg −0.022%

Together, before fees−0.853%+ Points / potential airdropHyperliquid: Season 2 · farm board−$85 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.194% dearer against ApeX Omni than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.022%. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ZKUSDT	0.01165	0.0100	pay 0.0013% / 1h	39m 54s	$8K	$622K	50x
Short	Hyperliquid ZK	0.01167	0.0100	get 0.0013% / 1h	39m 54s	$585K	$234K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now +0.172%Rate

Funding earned: $0
Price spread: +0.172% → −0.022%: $19.4
Slippage, 4 orders: −$66.69
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.28
Costs to cover: 0.857%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 43 min ago; Hyperliquid: live order book, 40 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 ApeX Omni live order book, 43 min ago	12.83 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 40 min ago	1.28 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit

ZK 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
OKX ZK-USDT-SWAP	−0.0006%	4h	0.01165	0.000%	$943K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.429%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0052%	4h	0.01166	+0.060%	$211K	$25K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01168	+0.258%	$119K	$157K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01167	+0.172%	$585K	$234K	5x
Aster ZKUSDT	+0.0100%	4h	0.01167	+0.192%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01165	+0.034%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01166	+0.083%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01165	+0.026%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01167	+0.172%	$315K	$244K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZKUSDTM	+0.0100%	4h	0.01165	0.000%	$988K	$968K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01166	+0.086%	$1.5M	$856K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01166	+0.069%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01166	+0.049%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	0.000%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDTlong	+0.0100%	1h	0.01165	long leg	$8K	$622K	50x
Kraken Futures PF_ZKUSD	+0.1294%	1h	0.01169	+0.329%	$194K	$43K	25x	as long as short