Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h +0.020%

Price spread now: BloFin against Injective+2.120%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 2.120% dearer against Injective than usual: you sell high and buy low: +$212 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ZK/USDC PERP	0.01170	0.0033	pay 0.0004% / 1h	58m 07s	$2K	$31K	5.5x
Short	BloFin ZK-USDT	0.01195	0.0160	get 0.0080% / 4h	3h 58m	$213K	$19K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now +2.120%Rate

Funding earned: $26.59
Price spread: +2.120% → 0.000%: $211.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $226.54
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 8 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 8 min ago	2.10 bp	24.2 bp −$24	52.2 bp −$522	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective ZK/USDC PERPlong	+0.0033%	1h	0.01170	long leg	$2K	$31K	5.5x
Lighter ZK	+0.0096%	1h	0.01200	+2.581%	$128K	$186K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01200	+2.590%	$596K	$166K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01199	+2.484%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01197	+2.325%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01199	+2.501%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01199	+2.436%	$5.2M	$2.4M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01198	+2.376%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01197	+2.308%	$305K	$256K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01198	+2.393%	$973K	$1.7M	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	0.01199	+2.479%	$1.4M	$894K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01199	+2.487%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01194	+2.067%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01196	+2.216%	$156K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01192	+1.880%	$8K	$628K	50x	as long as short
BloFin ZK-USDTshort	+0.0160%	4h	0.01195	+2.120%	$213K	$19K	75x
Kraken Futures PF_ZKUSD	+0.3537%	1h	0.01205	+2.991%	$210K	$47K	25x	as long as short