Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1216%/8h= −133.2% APRpaid last 24h −0.606%

Price spread now: BloFin against Kraken Futures−0.517%57s7-day average −0.215% · you buy dearer than you sell

Net, funding: paid 7d − costs−$339as 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−$1891.887% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.503%−$150 on $10k

Price spread, last 4 days (all we have)+0.434%+$43 · spread now −0.517%, 7d avg −0.215%

Together, before fees−1.069%−$107 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 BloFin is 0.302% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.215%). Swap the legs. The two prices were read 57 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	0.01174	0.1269	pay 0.0159% / 1h	51m 39s	$193K	$36K	25x
Short	BloFin ZK-USDT	0.01168	0.0053	get 0.0027% / 4h	2h 51m	$213K	$20K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.517%Rate

Funding earned: −$255.4
Price spread: −0.517% → −0.215%: −$30.19
Slippage, 4 orders: −$166.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$474.34
Costs to cover: 1.887%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 61 min ago; BloFin: live order book, 29 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, 61 min ago	39.60 bp	103.1 bp −$103	19311.6 bp −$193.1K	doesn't fit	doesn't fit
Sell BloFin live order book, 29 min ago	4.68 bp	19.3 bp −$19	44.1 bp −$441	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	−0.0062%	4h	0.01171	−0.287%	$997K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.380%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDTshort	+0.0053%	4h	0.01168	−0.517%	$213K	$20K	75x
Lighter ZK	+0.0096%	1h	0.01173	−0.125%	$127K	$187K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01174	−0.082%	$587K	$173K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01174	−0.069%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01172	−0.202%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01172	−0.231%	$4.8M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01171	−0.270%	$5.1M	$2.3M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01171	−0.295%	$300K	$257K	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	0.01171	−0.295%	$963K	$1.4M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01172	−0.210%	$1.5M	$841K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01171	−0.253%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01169	−0.474%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01171	−0.295%	$158K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01170	−0.380%	$8K	$620K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1269%	1h	0.01174	long leg	$193K	$36K	25x