Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.110%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.110%, 7d avg +0.085%

Together, before fees−0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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 0.025% dearer against BingX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ZK-USDT	0.01179	0.0100	pay 0.0050% / 4h	1h 20m	—	$6.7M	—
Short	Hyperliquid ZK	0.01180	0.0100	get 0.0013% / 1h	20m 14s	$587K	$220K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.085%: $2.54
Slippage, 4 orders: −$59.67
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$76.13
Costs to cover: 0.787%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Hyperliquid: live order book, 20 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 BingX live order book, 7 min ago	4.69 bp	24.0 bp −$24	55.9 bp −$559	482.4 bp −$48.2K	720.6 bp −$360.3K
Sell Hyperliquid live order book, 20 min ago	1.71 bp	16.0 bp −$16	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	−0.0023%	4h	0.01179	−0.008%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.730%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0087%	4h	0.01180	+0.110%	$217K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01181	+0.204%	$136K	$182K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01180	+0.110%	$587K	$220K	5x
Aster ZKUSDT	+0.0100%	4h	0.01180	+0.086%	$32K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	+0.059%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01179	+0.041%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	+0.008%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	+0.034%	$328K	$234K	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	0.01178	−0.051%	$981K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01179	+0.034%	$1.5M	$836K	75x	as long as short
BingX ZK-USDTlong	+0.0100%	4h	0.01179	long leg	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01179	+0.028%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	+0.100%	$157K	$2.5M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01179	+0.034%	$8K	$621K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1591%	1h	0.01182	+0.318%	$194K	$39K	25x	as long as short