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 +0.003%

Price spread now: Hyperliquid against Bybit+0.237%7-day average +0.136% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$780.778% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.237%, 7d avg +0.136%

Together, before fees−0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 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 0.100% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01182	0.0100	pay 0.0050% / 4h	1h 18m	$5.1M	$2.5M	25x
Short	Hyperliquid ZK	0.01185	0.0100	get 0.0013% / 1h	18m 08s	$589K	$221K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.237%Rate

Funding earned: $0
Price spread: +0.237% → +0.136%: $10.04
Slippage, 4 orders: −$57.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$67.76
Costs to cover: 0.778%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 22 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 Bybit live order book, 5 min ago	4.24 bp	23.4 bp −$23	114.8 bp −$1,148	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 22 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	−0.0014%	4h	0.01183	+0.025%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.049%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0062%	4h	0.01180	−0.211%	$217K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01185	+0.262%	$137K	$182K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01185	+0.237%	$589K	$221K	5x
Aster ZKUSDT	+0.0100%	4h	0.01183	+0.085%	$32K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01183	+0.085%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01183	+0.068%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01182	long leg	$5.1M	$2.5M	25x
Gate ZK_USDT	+0.0100%	8h	0.01183	+0.051%	$331K	$235K	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	0.01183	+0.051%	$986K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01183	+0.051%	$1.5M	$840K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01183	+0.051%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01179	−0.293%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	−0.222%	$157K	$2.5M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01181	−0.118%	$8K	$621K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1586%	1h	0.01186	+0.293%	$195K	$39K	25x	as long as short