Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.014%

Price spread now: Bybit against Injective+0.162%78s7-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 Bybit

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 +$2 a day on $10k at the current rate, and Bybit is 0.162% dearer against Injective than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

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	44m 00s	$2K	$31K	5.5x
Short	Bybit ZKUSDT	0.01172	0.0100	get 0.0050% / 4h	1h 44m	$5.0M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.162%Rate

Funding earned: $14
Price spread: +0.162% → 0.000%: $16.24
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $19.22
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	4.28 bp	26.6 bp −$27	133.2 bp −$1,332	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
OKX ZK-USDT-SWAP	−0.0119%	4h	0.01173	+0.239%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERPlong	+0.0033%	1h	0.01170	long leg	$2K	$31K	5.5x
BloFin ZK-USDT	+0.0063%	4h	0.01171	+0.077%	$216K	$20K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01175	+0.436%	$136K	$181K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01174	+0.350%	$584K	$225K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01173	+0.282%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01174	+0.342%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01172	+0.186%	$4.8M	$8.8M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01172	+0.162%	$5.0M	$2.5M	25x
Gate ZK_USDT	+0.0100%	8h	0.01173	+0.256%	$327K	$231K	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	0.01173	+0.256%	$978K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01173	+0.256%	$1.5M	$843K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01173	+0.239%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01170	−0.035%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01173	+0.234%	$155K	$2.5M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01170	0.000%	$9K	$620K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1598%	1h	0.01177	+0.597%	$193K	$39K	25x	as long as short