Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1224%/8h= −134.0% APRpaid last 24h −0.550%

Price spread now: Bitget against Kraken Futures−0.334%48s7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$330as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1931.934% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−1.365%−$136 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.334%, 7d avg −0.184%

Together, before fees−1.265%−$126 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and Bitget is 0.150% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.184%). Swap the legs. The two prices were read 48 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	Kraken Futures PF_ZKUSD	0.01187	0.1324	pay 0.0165% / 1h	58m 20s	$195K	$38K	25x
Short	Bitget ZKUSDT	0.01183	0.0100	get 0.0050% / 4h	3h 58m	$1.5M	$841K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.334%Rate

Funding earned: −$257.03
Price spread: −0.334% → −0.184%: −$15
Slippage, 4 orders: −$171.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$465.42
Costs to cover: 1.934%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 59 min ago; Bitget: live order book, 3 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, 59 min ago	26.25 bp	110.6 bp −$111	16643.9 bp −$166.4K	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	8.44 bp	22.9 bp −$23	56.2 bp −$562	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	+0.0005%	4h	0.01182	−0.410%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.429%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0041%	4h	0.01184	−0.233%	$218K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01185	−0.191%	$136K	$180K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01184	−0.283%	$589K	$188K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01184	−0.237%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01183	−0.367%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01183	−0.351%	$4.9M	$8.3M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01182	−0.418%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01184	−0.249%	$326K	$239K	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	0.01182	−0.418%	$973K	$1.4M	50x	as long as short
Bitget ZKUSDTshort	+0.0100%	4h	0.01183	−0.334%	$1.5M	$841K	75x
BingX ZK-USDT	+0.0100%	4h	0.01184	−0.292%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01184	−0.229%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	−0.290%	$161K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	−0.249%	$8K	$617K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1324%	1h	0.01187	long leg	$195K	$38K	25x