Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.026%

Price spread now: OKX against Hyperliquid−0.212%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$760.762% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)+0.212%+$21 · spread now −0.212%, 7d avg −0.092%

Together, before fees+0.181%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.119% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.092%). Swap the legs.

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	31m 34s	$599K	$238K	5x
Short	OKX ZK-USDT-SWAP	0.01178	−0.0011	pay 0.0006% / 4h	31m 34s	$983K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.212%Rate

Funding earned: −$23.41
Price spread: −0.212% → −0.092%: −$11.94
Slippage, 4 orders: −$57.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$111.54
Costs to cover: 0.762%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 38 min ago; OKX: live order book, 5 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, 38 min ago	1.28 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	3.40 bp	21.1 bp −$21	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-SWAPshort	−0.0011%	4h	0.01178	−0.212%	$983K	$2.4M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.881%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0076%	4h	0.01181	+0.025%	$214K	$25K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01181	+0.068%	$129K	$166K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01180	long leg	$599K	$238K	5x
Aster ZKUSDT	+0.0100%	4h	0.01180	+0.003%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	−0.119%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01179	−0.140%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	−0.161%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01180	−0.034%	$322K	$245K	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	0.01178	−0.203%	$987K	$1.1M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01180	−0.034%	$1.5M	$859K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01179	−0.136%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01176	−0.350%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01179	−0.119%	$154K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01181	+0.051%	$9K	$628K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1408%	1h	0.01182	+0.122%	$195K	$44K	25x	as long as short