Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Lighter against KuCoin−0.025%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$250as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2352.351% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now −0.025%, 7d avg +0.001%

Together, before fees+0.041%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.026% cheaper against KuCoin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZKUSDTM	0.01205	0.0100	pay 0.0050% / 4h	2h 58m	$977K	$1.7M	50x
Short	Lighter ZK	0.01205	0.0096	get 0.0012% / 1h	58m 48s	$128K	$175K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$0.84
Price spread: −0.025% → +0.001%: −$2.6
Slippage, 4 orders: −$223.11
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$238.54
Costs to cover: 2.351%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; Lighter: live order book, 16 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 KuCoin live order book, 7 min ago	12.38 bp	104.8 bp −$105	188.8 bp −$1,888	doesn't fit	doesn't fit
Sell Lighter live order book, 16 min ago	8.27 bp	9.1 bp −$9	61.1 bp −$611	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
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−2.905%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01205	−0.025%	$128K	$175K	8x
Hyperliquid ZK	+0.0100%	1h	0.01206	+0.116%	$597K	$163K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01206	+0.044%	$33K	$22K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01209	+0.332%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01205	−0.021%	$5.0M	$7.7M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01205	+0.025%	$5.1M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01205	−0.041%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01206	+0.083%	$303K	$253K	50x	as long as short
KuCoin ZKUSDTMlong	+0.0100%	4h	0.01205	long leg	$977K	$1.7M	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01206	+0.083%	$1.5M	$811K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01206	+0.091%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01208	+0.239%	$58K	$8K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01211	+0.498%	$162K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01210	+0.415%	$8K	$633K	50x	as long as short
BloFin ZK-USDT	+0.0151%	4h	0.01208	+0.274%	$216K	$26K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.4505%	1h	0.01213	+0.650%	$212K	$42K	25x	as long as short