Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.024%

Price spread now: Bybit against Hyperliquid−0.292%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.292%, 7d avg −0.133%

Together, before fees+0.142%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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: Bybit is 0.159% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.133%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01166	0.0100	pay 0.0013% / 1h	56m 12s	$585K	$237K	5x
Short	Bybit ZKUSDT	0.01163	0.0100	get 0.0050% / 4h	1h 56m	$5.0M	$2.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.292%Rate

Funding earned: $0
Price spread: −0.292% → −0.133%: −$15.9
Slippage, 4 orders: −$48.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.02
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 24 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 Hyperliquid live order book, 24 min ago	1.28 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.86 bp	17.9 bp −$18	86.9 bp −$869	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	+0.0029%	4h	0.01164	−0.163%	$946K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.343%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01166	+0.026%	$119K	$156K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01166	long leg	$585K	$237K	5x
Aster ZKUSDT	+0.0100%	4h	0.01164	−0.203%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01163	−0.240%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01164	−0.146%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01163	−0.292%	$5.0M	$2.7M	25x
Gate ZK_USDT	+0.0100%	8h	0.01162	−0.343%	$315K	$243K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01164	−0.172%	$986K	$967K	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	0.01163	−0.257%	$1.5M	$851K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01163	−0.240%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01159	−0.617%	$56K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01159	−0.599%	$153K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01160	−0.515%	$7K	$623K	50x	as long as short
BloFin ZK-USDT	+0.0150%	4h	0.01160	−0.515%	$212K	$24K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1295%	1h	0.01168	+0.187%	$193K	$44K	25x	as long as short