Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Binance+0.110%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.110%, 7d avg +0.074%

Together, before fees−0.046%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 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 0.036% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ZKUSDT	0.01178	0.0100	pay 0.0050% / 4h	3h 46m	$4.8M	$9.7M	75x
Short	Hyperliquid ZK	0.01179	0.0100	get 0.0013% / 1h	46m 32s	$598K	$238K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.074%: $3.65
Slippage, 4 orders: −$51.6
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.95
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Hyperliquid: live order book, 13 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 Binance live order book, 8 min ago	0.85 bp	20.6 bp −$21	65.2 bp −$652	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.42 bp	18.9 bp −$19	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	−0.0086%	4h	0.01176	−0.119%	$1.0M	$2.4M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.654%	$2K	$31K	5.5x	as long as short
Bybit ZKUSDT	+0.0077%	4h	0.01177	−0.042%	$5.0M	$2.7M	25x	as long as short
Lighter ZK	+0.0096%	1h	0.01180	+0.170%	$131K	$173K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01179	+0.110%	$598K	$238K	5x
Aster ZKUSDT	+0.0100%	4h	0.01178	+0.039%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01178	−0.017%	$29K	$3K	5x	as long as short
Binance ZKUSDTlong	+0.0100%	4h	0.01178	long leg	$4.8M	$9.7M	75x
Gate ZK_USDT	+0.0100%	8h	0.01178	+0.025%	$331K	$240K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01177	−0.059%	$981K	$1.1M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01178	+0.025%	$1.5M	$866K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01177	−0.025%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01177	−0.071%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01181	+0.280%	$162K	$2.7M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01178	+0.025%	$9K	$627K	50x	as long as short
BloFin ZK-USDT	+0.0159%	4h	0.01178	+0.017%	$215K	$24K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1360%	1h	0.01181	+0.307%	$195K	$44K	25x	as long as short