Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against GRVT+0.187%78s7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$840.839% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$15 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now +0.187%, 7d avg −0.054%

Together, before fees−0.025%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$3 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 0.241% dearer against GRVT than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.054%. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ZK_USDT_Perp	0.01166	0.0100	pay 0.0050% / 4h	1h 10m	$160K	$2.8M	10x
Short	Lighter ZK	0.01168	0.0096	get 0.0012% / 1h	10m 20s	$127K	$165K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.187%Rate

Funding earned: −$0.84
Price spread: +0.187% → −0.054%: $24.12
Slippage, 4 orders: −$74.9
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$60.62
Costs to cover: 0.839%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Lighter: live order book, 63 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 GRVT live order book, 3 min ago	4.28 bp	29.1 bp −$29	150.0 bp −$1,500	doesn't fit	doesn't fit
Sell Lighter live order book, 63 min ago	9.86 bp	12.3 bp −$12	52.3 bp −$523	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	0.0000%	4h	0.01166	−0.036%	$942K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.333%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01168	+0.187%	$127K	$165K	8x
Hyperliquid ZK	+0.0100%	1h	0.01167	+0.119%	$592K	$239K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01167	+0.044%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01167	+0.041%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01166	−0.040%	$4.7M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01166	−0.044%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01167	+0.076%	$319K	$248K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01166	−0.010%	$983K	$1.0M	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	0.01166	−0.010%	$1.5M	$866K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01166	−0.027%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01166	−0.024%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perplong	+0.0100%	4h	0.01166	long leg	$160K	$2.8M	10x
ApeX Omni ZKUSDT	+0.0100%	1h	0.01167	+0.076%	$8K	$624K	50x	as long as short
BloFin ZK-USDT	+0.0151%	4h	0.01167	+0.041%	$211K	$25K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1295%	1h	0.01168	+0.165%	$193K	$43K	25x	as long as short