Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.017%

Price spread now: BingX against Lighter−0.186%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$930.930% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now −0.186%, 7d avg −0.037%

Together, before fees+0.322%+ Points / potential airdropLighter: Season 3 · farm board+$32 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: BingX is 0.149% cheaper against Lighter than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01185	0.0096	pay 0.0012% / 1h	52m 43s	$129K	$165K	8x
Short	BingX ZK-USDT	0.01183	0.0100	get 0.0050% / 4h	52m 43s	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.186%Rate

Funding earned: $0.84
Price spread: −0.186% → −0.037%: −$14.88
Slippage, 4 orders: −$82.99
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$107.03
Costs to cover: 0.930%
Break-even: 898.9 days

Slippage from Lighter: live order book, 7 min ago; BingX: live order book, 10 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 Lighter live order book, 7 min ago	25.02 bp	32.9 bp −$33	427.9 bp −$4,279	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	2.13 bp	14.4 bp −$14	45.7 bp −$457	367.4 bp −$36.7K	747.8 bp −$373.9K

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	−1.241%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAP	+0.0051%	4h	0.01183	−0.160%	$987K	$2.3M	20x	as long as short
BloFin ZK-USDT	+0.0085%	4h	0.01180	−0.397%	$212K	$25K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01185	long leg	$129K	$165K	8x
Hyperliquid ZK	+0.0100%	1h	0.01184	−0.025%	$600K	$237K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01184	−0.051%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01183	−0.143%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01182	−0.219%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01182	−0.236%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01182	−0.228%	$323K	$244K	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	0.01183	−0.143%	$997K	$1.0M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01183	−0.143%	$1.5M	$853K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01183	−0.186%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01178	−0.592%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	−0.436%	$162K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01179	−0.481%	$8K	$626K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1403%	1h	0.01186	+0.110%	$195K	$44K	25x	as long as short