Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.068%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$246as in the Funding arb table

Net, price: spread back to 7d avg − costs−$250as in the Price arb table

costs, in and out, $10k−$2462.459% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.068%, 7d avg −0.030%

Together, before fees+0.107%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: KuCoin is 0.038% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01180	0.0100	pay 0.0013% / 1h	59m 18s	$585K	$180K	5x
Short	KuCoin ZKUSDTM	0.01179	0.0100	get 0.0050% / 4h	1h 59m	$973K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.030%: −$3.76
Slippage, 4 orders: −$224.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$249.65
Costs to cover: 2.459%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 6 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, 10 min ago	2.13 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	8.48 bp	91.4 bp −$91	182.9 bp −$1,829	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	−0.0063%	4h	0.01179	−0.059%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.831%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01182	+0.178%	$129K	$194K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01180	long leg	$585K	$180K	5x
Aster ZKUSDT	+0.0100%	4h	0.01179	−0.072%	$32K	$21K	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	0.01180	+0.007%	$4.9M	$8.1M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	−0.025%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	−0.068%	$300K	$259K	50x	as long as short
KuCoin ZKUSDTMshort	+0.0100%	4h	0.01179	−0.068%	$973K	$1.5M	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01180	+0.017%	$1.5M	$906K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01179	−0.042%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01179	−0.074%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	+0.017%	$155K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	+0.017%	$8K	$625K	50x	as long as short
BloFin ZK-USDT	+0.0116%	4h	0.01179	−0.025%	$212K	$18K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1262%	1h	0.01182	+0.161%	$201K	$43K	25x	as long as short