Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1494%/8h= +163.6% APRpaid last 24h +0.553%

Price spread now: Kraken Futures against Bybit+0.473%7-day average +0.299% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$171as in the Price arb table

costs, in and out, $10k−$1891.887% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.393%+$139 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.473%, 7d avg +0.299%

Together, before fees+1.299%+$130 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$45 a day on $10k at the current rate, and Kraken Futures is 0.173% dearer against Bybit than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.299%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01175	0.0100	pay 0.0050% / 4h	1h 31m	$5.0M	$2.5M	25x
Short	Kraken Futures PF_ZKUSD	0.01180	0.1594	get 0.0199% / 1h	31m 52s	$194K	$39K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.473%Rate

Funding earned: $313.73
Price spread: +0.473% → +0.299%: $17.33
Slippage, 4 orders: −$167.74
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $142.31
Costs to cover: 1.887%
Break-even: 3.8 days

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 31 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, 1 min ago	4.26 bp	22.7 bp −$23	83.3 bp −$833	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 31 min ago	42.99 bp	58.0 bp −$58	243.5 bp −$2,435	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	−0.0070%	4h	0.01174	−0.051%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.392%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0074%	4h	0.01174	−0.094%	$217K	$20K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01176	+0.153%	$136K	$182K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01176	+0.119%	$585K	$221K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01175	+0.051%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01176	+0.136%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01175	+0.030%	$4.9M	$8.7M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01175	long leg	$5.0M	$2.5M	25x
Gate ZK_USDT	+0.0100%	8h	0.01175	+0.034%	$327K	$232K	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	0.01174	−0.051%	$979K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01175	+0.034%	$1.5M	$836K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01174	−0.026%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01171	−0.322%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01174	−0.051%	$155K	$2.5M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01174	−0.051%	$9K	$620K	50x	as long as short
Kraken Futures PF_ZKUSDshort	+0.1594%	1h	0.01180	+0.473%	$194K	$39K	25x