Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.014%

Price spread now: Injective against Bybit−3.306%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.306% cheaper against Bybit than usual: you would sell low and buy high (−$331 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01210	0.0100	pay 0.0050% / 4h	3h 22m	$5.1M	$2.5M	25x
Short	Injective ZK/USDC PERP	0.01170	0.0033	get 0.0004% / 1h	22m 44s	$2K	$31K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.306%Rate

Funding earned: −$14
Price spread: −3.306% → 0.000%: −$330.58
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$355.6
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

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	3.33 bp	14.1 bp −$14	108.3 bp −$1,083	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	+0.0033%	1h	0.01170	−3.306%	$2K	$31K	5.5x
Lighter ZK	+0.0096%	1h	0.01211	+0.116%	$130K	$186K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01210	−0.017%	$599K	$172K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01210	+0.004%	$33K	$22K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01210	−0.033%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01210	+0.011%	$5.0M	$8.0M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01210	long leg	$5.1M	$2.5M	25x
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01210	0.000%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01209	−0.083%	$305K	$263K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01209	−0.083%	$979K	$1.7M	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	0.01210	0.000%	$1.5M	$916K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01210	−0.025%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01202	−0.676%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01204	−0.496%	$161K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01204	−0.496%	$8K	$631K	50x	as long as short
BloFin ZK-USDT	+0.0114%	4h	0.01206	−0.289%	$217K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3514%	1h	0.01213	+0.238%	$212K	$49K	25x	as long as short