Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.017%

Price spread now: Lighter against Bitget+0.280%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$970.971% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)−0.184%−$18 · spread now +0.280%, 7d avg −0.034%

Together, before fees−0.365%+ Points / potential airdropLighter: Season 3 · farm board−$37 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 0.315% dearer against Bitget than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZKUSDT	0.01178	0.0100	pay 0.0050% / 4h	7m 29s	$1.5M	$864K	75x
Short	Lighter ZK	0.01181	0.0096	get 0.0012% / 1h	7m 29s	$129K	$168K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.280%Rate

Funding earned: −$0.84
Price spread: +0.280% → −0.034%: $31.45
Slippage, 4 orders: −$85.11
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$66.5
Costs to cover: 0.971%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 52 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 Bitget live order book, 4 min ago	8.49 bp	19.6 bp −$20	49.1 bp −$491	doesn't fit	doesn't fit
Sell Lighter live order book, 52 min ago	25.02 bp	25.1 bp −$25	99.0 bp −$990	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	−0.0056%	4h	0.01177	−0.051%	$991K	$2.4M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.679%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01181	+0.280%	$129K	$168K	8x
Hyperliquid ZK	+0.0100%	1h	0.01179	+0.102%	$599K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01179	+0.111%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	+0.059%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01178	+0.008%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01178	−0.025%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01178	0.000%	$321K	$246K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01177	−0.085%	$984K	$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 ZKUSDTlong	+0.0100%	4h	0.01178	long leg	$1.5M	$864K	75x
BingX ZK-USDT	+0.0100%	4h	0.01178	0.000%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01177	−0.108%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01179	+0.086%	$162K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01179	+0.085%	$9K	$627K	50x	as long as short
BloFin ZK-USDT	+0.0125%	4h	0.01179	+0.119%	$214K	$24K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1407%	1h	0.01183	+0.415%	$195K	$44K	25x	as long as short