ZK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.019%

Price spread now: Hyperliquid against Lighter−0.077%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.077%, 7d avg +0.043%

Together, before fees+0.148%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$15 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: Hyperliquid is 0.120% cheaper against Lighter than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01168	0.0096	pay 0.0012% / 1h	40m 20s	$119K	$157K	8x
Short	Hyperliquid ZK	0.01167	0.0100	get 0.0013% / 1h	40m 20s	$585K	$236K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0.84
Price spread: −0.077% → +0.043%: −$12.03
Slippage, 4 orders: −$62.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$82.91
Costs to cover: 0.717%
Break-even: 697.9 days

Slippage from Lighter: live order book, 33 min ago; Hyperliquid: live order book, 40 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, 33 min ago	9.86 bp	24.8 bp −$25	73.9 bp −$739	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 40 min ago	1.28 bp	17.9 bp −$18	doesn't fit	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	−0.0006%	4h	0.01165	−0.240%	$943K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.188%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0052%	4h	0.01166	−0.180%	$211K	$25K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01168	long leg	$119K	$157K	8x
Hyperliquid ZKshort	+0.0100%	1h	0.01167	−0.077%	$585K	$236K	5x
Aster ZKUSDT	+0.0100%	4h	0.01167	−0.045%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01165	−0.206%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01166	−0.180%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01165	−0.214%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01167	−0.069%	$315K	$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	0.01165	−0.240%	$988K	$968K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01166	−0.154%	$1.5M	$856K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01166	−0.188%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01166	−0.191%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	−0.240%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01165	−0.240%	$8K	$622K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1294%	1h	0.01169	+0.088%	$194K	$43K	25x	as long as short