Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: ApeX Omni against Hyperliquid−0.862%105s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$870.872% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+1.726%+$173 · spread now −0.862%, 7d avg +0.008%

Together, before fees+1.726%+ Points / potential airdropHyperliquid: Season 2 · farm board+$173 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: ApeX Omni is 0.870% cheaper against Hyperliquid than usual: you would sell low and buy high, −$87 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 105 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	Hyperliquid ZK	0.01195	0.0100	pay 0.0013% / 1h	29m 42s	$593K	$204K	5x
Short	ApeX Omni ZKUSDT	0.01185	0.0100	get 0.0013% / 1h	29m 42s	$8K	$616K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.862%Rate

Funding earned: $0
Price spread: −0.862% → +0.008%: −$87
Slippage, 4 orders: −$68.2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$174.2
Costs to cover: 0.872%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 70 min ago; ApeX Omni: live order book, 28 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 Hyperliquid live order book, 70 min ago	1.71 bp	15.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 28 min ago	16.98 bp	27.5 bp −$28	doesn't fit	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	+0.0016%	4h	0.01191	−0.402%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−2.117%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0076%	4h	0.01189	−0.527%	$219K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01195	−0.008%	$138K	$180K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01195	long leg	$593K	$204K	5x
Aster ZKUSDT	+0.0100%	4h	0.01195	−0.053%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01194	−0.125%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01192	−0.249%	$4.9M	$8.5M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01192	−0.293%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01193	−0.192%	$329K	$244K	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	0.01193	−0.192%	$980K	$1.4M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01194	−0.109%	$1.5M	$847K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01193	−0.226%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01193	−0.168%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01193	−0.192%	$159K	$2.4M	10x	as long as short
ApeX Omni ZKUSDTshort	+0.0100%	1h	0.01185	−0.862%	$8K	$616K	50x
Kraken Futures PF_ZKUSD	+0.1912%	1h	0.01195	+0.001%	$196K	$38K	25x	as long as short