Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.024%

Price spread now: Lighter against BingX+0.172%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.172%, 7d avg +0.036%

Together, before fees−0.337%+ Points / potential airdropLighter: Season 3 · farm board−$34 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: Lighter is 0.137% dearer against BingX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ZK-USDT	0.01160	0.0100	pay 0.0050% / 4h	2h 02m	—	$6.7M	—
Short	Lighter ZK	0.01162	0.0096	get 0.0012% / 1h	2m 24s	$118K	$160K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.172%Rate

Funding earned: −$0.84
Price spread: +0.172% → +0.036%: $13.65
Slippage, 4 orders: −$59.6
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$56.79
Costs to cover: 0.696%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Lighter: live order book, 11 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, 5 min ago	2.58 bp	16.0 bp −$16	46.1 bp −$461	456.5 bp −$45.6K	784.3 bp −$392.2K
Sell Lighter live order book, 11 min ago	9.86 bp	12.3 bp −$12	52.3 bp −$523	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	+0.897%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAP	+0.0050%	4h	0.01159	−0.069%	$942K	$2.3M	20x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01162	+0.172%	$118K	$160K	8x
Hyperliquid ZK	+0.0100%	1h	0.01161	+0.138%	$583K	$237K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01160	+0.076%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01160	+0.009%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01160	+0.001%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01159	−0.060%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01159	−0.052%	$314K	$256K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01159	−0.052%	$982K	$963K	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	0.01161	+0.121%	$1.5M	$851K	75x	as long as short
BingX ZK-USDTlong	+0.0100%	4h	0.01160	long leg	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01159	−0.061%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01160	+0.033%	$153K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01161	+0.121%	$7K	$623K	50x	as long as short
BloFin ZK-USDT	+0.0104%	4h	0.01160	+0.026%	$213K	$24K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1499%	1h	0.01164	+0.356%	$193K	$44K	25x	as long as short