Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: GRVT against Hyperliquid−0.154%7-day average +0.014% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.154%, 7d avg +0.014%

Together, before fees+0.055%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board+$6 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: GRVT is 0.168% cheaper against Hyperliquid than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01179	0.0100	pay 0.0013% / 1h	35m 21s	$599K	$238K	5x
Short	GRVT ZK_USDT_Perp	0.01178	0.0100	get 0.0050% / 4h	35m 21s	$153K	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.154%Rate

Funding earned: $0
Price spread: −0.154% → +0.014%: −$16.79
Slippage, 4 orders: −$81.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$116.6
Costs to cover: 0.998%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 34 min ago; GRVT: live order book, 3 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, 34 min ago	1.28 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	4.24 bp	36.9 bp −$37	76.1 bp −$761	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	+0.0014%	4h	0.01176	−0.263%	$981K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.805%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01180	+0.068%	$129K	$166K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01179	long leg	$599K	$238K	5x
Aster ZKUSDT	+0.0100%	4h	0.01179	−0.065%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01178	−0.127%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01178	−0.131%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01178	−0.153%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01178	−0.127%	$322K	$245K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01177	−0.212%	$986K	$1.1M	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	0.01178	−0.127%	$1.5M	$859K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01178	−0.136%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01176	−0.274%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perpshort	+0.0100%	4h	0.01178	−0.154%	$153K	$2.8M	10x
ApeX Omni ZKUSDT	+0.0100%	1h	0.01178	−0.127%	$9K	$628K	50x	as long as short
BloFin ZK-USDT	+0.0113%	4h	0.01178	−0.144%	$215K	$25K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1411%	1h	0.01179	−0.015%	$194K	$44K	25x	as long as short