Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.010%

Price spread now: OKX against Lighter−0.211%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$960.958% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.211%, 7d avg −0.051%

Together, before fees+0.265%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and OKX is 0.160% cheaper against Lighter than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.114%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01186	0.0096	pay 0.0012% / 1h	56m 41s	$131K	$171K	8x
Short	OKX ZK-USDT-SWAP	0.01183	−0.0075	pay 0.0037% / 4h	3h 56m	$1.0M	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.211%Rate

Funding earned: −$35.85
Price spread: −0.211% → −0.051%: −$16.02
Slippage, 4 orders: −$85.82
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$147.69
Costs to cover: 0.958%
Break-even: never at this rate

Slippage from Lighter: live order book, 63 min ago; OKX: live order book, 5 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, 63 min ago	25.02 bp	32.9 bp −$33	427.9 bp −$4,279	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.54 bp	21.1 bp −$21	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-SWAPshort	−0.0075%	4h	0.01183	−0.211%	$1.0M	$2.4M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.316%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0063%	4h	0.01184	−0.160%	$214K	$24K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01186	long leg	$131K	$171K	8x
Hyperliquid ZK	+0.0100%	1h	0.01185	−0.051%	$602K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01184	−0.120%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01184	−0.135%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01184	−0.118%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01183	−0.194%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01184	−0.135%	$330K	$238K	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	−0.219%	$992K	$1.1M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01184	−0.135%	$1.5M	$866K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01184	−0.160%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01181	−0.355%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01185	−0.093%	$163K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	−0.135%	$9K	$627K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1352%	1h	0.01188	+0.190%	$196K	$44K	25x	as long as short