Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: KuCoin against Lighter−0.196%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$205as in the Funding arb table

Net, price: spread back to 7d avg − costs−$240as in the Price arb table

costs, in and out, $10k−$2202.195% of the position

Long on Lighter Short on KuCoin

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)+0.199%+$20 · spread now −0.196%, 7d avg +0.008%

Together, before fees+0.347%+ Points / potential airdropLighter: Season 3 · farm board+$35 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: KuCoin is 0.203% cheaper against Lighter than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01174	0.0096	pay 0.0012% / 1h	50m 25s	$127K	$187K	8x
Short	KuCoin ZKUSDTM	0.01172	0.0100	get 0.0050% / 4h	2h 50m	$966K	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.196%Rate

Funding earned: $0.84
Price spread: −0.196% → +0.008%: −$20.34
Slippage, 4 orders: −$207.52
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$239.02
Costs to cover: 2.195%
Break-even: 1998.9 days

Slippage from Lighter: live order book, 44 min ago; KuCoin: 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, 44 min ago	8.48 bp	26.5 bp −$27	80.9 bp −$809	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	8.58 bp	90.1 bp −$90	174.3 bp −$1,743	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	−0.0056%	4h	0.01172	−0.204%	$997K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.366%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01174	long leg	$127K	$187K	8x
Hyperliquid ZK	+0.0100%	1h	0.01174	−0.043%	$587K	$173K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01173	−0.091%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01173	−0.094%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01172	−0.179%	$4.8M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01172	−0.179%	$5.1M	$2.3M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01172	−0.196%	$300K	$257K	50x	as long as short
KuCoin ZKUSDTMshort	+0.0100%	4h	0.01172	−0.196%	$966K	$1.4M	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01172	−0.196%	$1.5M	$841K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01172	−0.179%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01172	−0.179%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01171	−0.281%	$151K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01170	−0.366%	$8K	$620K	50x	as long as short
BloFin ZK-USDT	+0.0143%	4h	0.01172	−0.221%	$214K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1269%	1h	0.01175	+0.062%	$193K	$36K	25x	as long as short