Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0414%/8h= −45.4% APRpaid last 24h −0.003%

Price spread now: Bybit against Gate−0.206%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1121.123% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.206%, 7d avg −0.090%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.116% cheaper against Gate than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.090%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.082% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZK_USDT	0.01164	0.0100	pay 0.0100% / 8h	6h 55m	$328K	$229K	50x
Short	Bybit ZKUSDT	0.01162	−0.0314	pay 0.0157% / 4h	2h 55m	$5.0M	$2.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$87.01
Price spread: −0.206% → −0.090%: −$11.65
Slippage, 4 orders: −$86.3
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$210.96
Costs to cover: 1.123%
Break-even: never at this rate

Slippage from Gate: live order book, 10 min ago; Bybit: live order book, 2 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 Gate live order book, 10 min ago	8.48 bp	38.9 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	6.00 bp	19.2 bp −$19	62.2 bp −$622	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
ApeX Omni ZKUSDT	−0.0727%	1h	0.01168	+0.344%	$9K	$627K	50x	as long as short
Bybit ZKUSDTshort	−0.0314%	4h	0.01162	−0.206%	$5.0M	$2.6M	25x
OKX ZK-USDT-SWAP	−0.0149%	4h	0.01161	−0.232%	$995K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.515%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01165	+0.069%	$130K	$175K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01165	+0.112%	$581K	$242K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01164	+0.031%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01163	−0.069%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01164	−0.033%	$4.8M	$9.3M	75x	as long as short
Gate ZK_USDTlong	+0.0100%	8h	0.01164	long leg	$328K	$229K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZKUSDTM	+0.0100%	4h	0.01164	0.000%	$966K	$1.2M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01163	−0.086%	$1.5M	$860K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01163	−0.103%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01162	−0.149%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01167	+0.257%	$163K	$2.6M	10x	as long as short
BloFin ZK-USDT	+0.0114%	4h	0.01169	+0.404%	$215K	$21K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.0741%	1h	0.01167	+0.263%	$192K	$43K	25x	as long as short