Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Bybit+0.142%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$870.870% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.142%, 7d avg +0.101%

Together, before fees−0.072%+ Points / potential airdropLighter: Season 3 · farm board−$7 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 0.042% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.101%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01194	0.0100	pay 0.0050% / 4h	40m 47s	$5.2M	$2.3M	25x
Short	Lighter ZK	0.01196	0.0096	get 0.0012% / 1h	40m 47s	$128K	$197K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.142%Rate

Funding earned: −$0.84
Price spread: +0.142% → +0.101%: $4.17
Slippage, 4 orders: −$76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$83.67
Costs to cover: 0.870%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 44 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, 2 min ago	3.76 bp	27.9 bp −$28	139.5 bp −$1,395	doesn't fit	doesn't fit
Sell Lighter live order book, 44 min ago	7.94 bp	8.1 bp −$8	61.8 bp −$618	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	−2.002%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01196	+0.142%	$128K	$197K	8x
Hyperliquid ZK	+0.0100%	1h	0.01197	+0.226%	$594K	$165K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01196	+0.165%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01195	+0.101%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01195	+0.123%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01194	long leg	$5.2M	$2.3M	25x
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01192	−0.193%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01195	+0.092%	$304K	$259K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01194	+0.008%	$972K	$1.6M	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	0.01195	+0.092%	$1.4M	$875K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01194	−0.017%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01195	+0.056%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01196	+0.174%	$156K	$2.2M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01195	+0.092%	$8K	$627K	50x	as long as short
BloFin ZK-USDT	+0.0119%	4h	0.01196	+0.201%	$215K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.2682%	1h	0.01201	+0.610%	$210K	$46K	25x	as long as short