Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1298%/8h= +142.2% APRpaid last 24h +0.567%

Price spread now: Kraken Futures against Binance+0.419%7-day average +0.235% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1721.715% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.281%+$128 on $10k

Price spread, last 3 days (all we have)−0.160%−$16 · spread now +0.419%, 7d avg +0.235%

Together, before fees+1.121%+$112 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Kraken Futures is 0.184% dearer against Binance than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.235%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ZKUSDT	0.01185	0.0100	pay 0.0050% / 4h	49m 50s	$4.8M	$9.8M	75x
Short	Kraken Futures PF_ZKUSD	0.01190	0.1398	get 0.0175% / 1h	49m 50s	$196K	$44K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.419%Rate

Funding earned: $272.68
Price spread: +0.419% → +0.235%: $18.35
Slippage, 4 orders: −$151.5
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $119.53
Costs to cover: 1.715%
Break-even: 3.9 days

Slippage from Binance: live order book, 5 min ago; Kraken Futures: live order book, 28 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, 5 min ago	0.42 bp	17.8 bp −$18	43.0 bp −$430	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 28 min ago	30.45 bp	41.7 bp −$42	217.3 bp −$2,173	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
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.257%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAP	+0.0054%	4h	0.01184	−0.034%	$986K	$2.3M	20x	as long as short
Lighter ZK	+0.0096%	1h	0.01188	+0.219%	$129K	$165K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01187	+0.135%	$602K	$237K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01186	+0.064%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01187	+0.169%	$30K	$3K	5x	as long as short
Binance ZKUSDTlong	+0.0100%	4h	0.01185	long leg	$4.8M	$9.8M	75x
Bybit ZKUSDT	+0.0100%	4h	0.01184	−0.068%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01186	+0.093%	$324K	$244K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01185	+0.008%	$999K	$1.0M	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	0.01185	+0.008%	$1.5M	$857K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01185	−0.017%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01184	−0.046%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	−0.453%	$162K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01182	−0.245%	$8K	$628K	50x	as long as short
BloFin ZK-USDT	+0.0118%	4h	0.01185	+0.025%	$213K	$25K	75x	as long as short
Kraken Futures PF_ZKUSDshort	+0.1398%	1h	0.01190	+0.419%	$196K	$44K	25x