Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1215%/8h= −133.1% APRpaid last 24h −0.553%

Price spread now: Bybit against Kraken Futures−1.106%7-day average −0.304% · you buy dearer than you sell

Net, funding: paid 7d − costs−$344as in the Funding arb table

Net, price: spread back to 7d avg − costs−$279as in the Price arb table

costs, in and out, $10k−$1991.991% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.447%−$145 on $10k

Price spread, last 4 days (all we have)+0.697%+$70 · spread now −1.106%, 7d avg −0.304%

Together, before fees−0.750%−$75 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 Bybit is 0.802% cheaper against Kraken Futures than usual: you would sell low and buy high (−$80 if the spread goes back to its 7-day average of −0.304%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01195	0.1315	pay 0.0164% / 1h	55m 57s	$196K	$38K	25x
Short	Bybit ZKUSDT	0.01182	0.0100	get 0.0050% / 4h	3h 55m	$5.1M	$2.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −1.106%Rate

Funding earned: −$255.22
Price spread: −1.106% → −0.304%: −$80.17
Slippage, 4 orders: −$178.07
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$534.46
Costs to cover: 1.991%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 61 min ago; Bybit: live order book, 2 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	26.25 bp	110.6 bp −$111	16643.9 bp −$166.4K	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.96 bp	24.2 bp −$24	77.8 bp −$778	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	−0.0001%	4h	0.01181	−1.165%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−2.069%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01185	−0.821%	$136K	$181K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01183	−0.964%	$589K	$188K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01184	−0.909%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01182	−1.056%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01183	−1.018%	$4.9M	$8.3M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01182	−1.106%	$5.1M	$2.4M	25x
Gate ZK_USDT	+0.0100%	8h	0.01183	−0.980%	$325K	$240K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01181	−1.148%	$977K	$1.4M	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	0.01183	−0.980%	$1.5M	$843K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01182	−1.089%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01182	−1.052%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	−0.897%	$161K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	−0.897%	$8K	$618K	50x	as long as short
BloFin ZK-USDT	+0.0152%	4h	0.01183	−1.022%	$217K	$21K	75x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1315%	1h	0.01195	long leg	$196K	$38K	25x