Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1197%/8h= −131.1% APRpaid last 24h −0.577%

Price spread now: Binance against Kraken Futures−0.359%7-day average −0.235% · you buy dearer than you sell

Net, funding: paid 7d − costs−$333as in the Funding arb table

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$2012.005% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.321%−$132 on $10k

Price spread, last 3 days (all we have)+0.078%+$8 · spread now −0.359%, 7d avg −0.235%

Together, before fees−1.243%−$124 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Binance is 0.125% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.235%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01166	0.1297	pay 0.0162% / 1h	32m 17s	$193K	$43K	25x
Short	Binance ZKUSDT	0.01161	0.0100	get 0.0050% / 4h	1h 32m	$4.7M	$9.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.359%Rate

Funding earned: −$251.46
Price spread: −0.359% → −0.235%: −$12.49
Slippage, 4 orders: −$180.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$464.49
Costs to cover: 2.005%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 50 min ago; Binance: live order book, 7 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 Kraken Futures live order book, 50 min ago	36.71 bp	111.6 bp −$112	15924.8 bp −$159.2K	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.43 bp	16.9 bp −$17	51.2 bp −$512	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	−0.0018%	4h	0.01161	−0.411%	$939K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.378%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01165	−0.033%	$127K	$165K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01163	−0.239%	$583K	$237K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01163	−0.212%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01163	−0.239%	$29K	$3K	5x	as long as short
Binance ZKUSDTshort	+0.0100%	4h	0.01161	−0.359%	$4.7M	$9.9M	75x
Bybit ZKUSDT	+0.0100%	4h	0.01161	−0.368%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01163	−0.222%	$314K	$244K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01162	−0.308%	$985K	$974K	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	0.01162	−0.308%	$1.5M	$856K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01162	−0.342%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01162	−0.319%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01163	−0.222%	$160K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01163	−0.222%	$8K	$622K	50x	as long as short
BloFin ZK-USDT	+0.0156%	4h	0.01163	−0.179%	$211K	$24K	75x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1297%	1h	0.01166	long leg	$193K	$43K	25x