Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1259%/8h= −137.8% APRpaid last 24h −0.564%

Price spread now: BingX against Kraken Futures−0.286%7-day average −0.254% · you buy dearer than you sell

Net, funding: paid 7d − costs−$309as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1821.819% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.271%−$127 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.286%, 7d avg −0.254%

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

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and BingX is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.254%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01182	0.1359	pay 0.0170% / 1h	8m 38s	$195K	$43K	25x
Short	BingX ZK-USDT	0.01179	0.0100	get 0.0050% / 4h	3h 08m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.286%Rate

Funding earned: −$264.32
Price spread: −0.286% → −0.254%: −$3.15
Slippage, 4 orders: −$161.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$449.36
Costs to cover: 1.819%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; BingX: live order book, 14 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, 64 min ago	36.46 bp	93.0 bp −$93	16539.9 bp −$165.4K	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	4.25 bp	17.9 bp −$18	49.1 bp −$491	352.6 bp −$35.3K	667.1 bp −$333.5K

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	−0.0117%	4h	0.01178	−0.370%	$1.0M	$2.3M	20x	as long as short
Bybit ZKUSDT	−0.0043%	4h	0.01179	−0.328%	$5.0M	$2.6M	25x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.047%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0047%	4h	0.01180	−0.176%	$216K	$22K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01181	−0.133%	$131K	$173K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01181	−0.116%	$586K	$240K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01181	−0.109%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	−0.277%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01180	−0.242%	$4.8M	$9.4M	75x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01180	−0.201%	$332K	$241K	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	−0.370%	$983K	$1.2M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01179	−0.286%	$1.5M	$846K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01179	−0.286%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01177	−0.454%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01178	−0.370%	$164K	$2.7M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01179	−0.286%	$9K	$623K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1359%	1h	0.01182	long leg	$195K	$43K	25x