Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Variational Omni against Lighter−0.367%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.367% cheaper against Lighter than usual: you would sell low and buy high, −$37 on $10k if it goes back to zero (this spread has no 7-day history yet).

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	33m 52s	$119K	$159K	8x
Short	Variational Omni ZK	0.01164	0.0100	get 0.0050% / 4h	2h 33m	$57K	$20K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.367%Rate

Funding earned: $0.84
Price spread: −0.367% → 0.000%: −$36.73
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.89
Costs to cover: 0.000%
Break-even: 306.1 days

Slippage unknown: Lighter: live order book, 48 min ago; Variational Omni: no order-book sample. Net counts fees only.

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, 48 min ago	6.82 bp	24.7 bp −$25	70.8 bp −$708	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+0.146%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0082%	4h	0.01164	−0.342%	$211K	$35K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01168	long leg	$119K	$159K	8x
Hyperliquid ZK	+0.0100%	1h	0.01168	−0.026%	$586K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01168	−0.036%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01168	−0.026%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01167	−0.140%	$4.7M	$10.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01166	−0.197%	$5.0M	$2.7M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01166	−0.240%	$953K	$2.3M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01167	−0.111%	$316K	$256K	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	0.01166	−0.197%	$989K	$955K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01166	−0.197%	$1.5M	$853K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01167	−0.128%	—	$6.7M	—	as long as short
Variational Omni ZKshort	+0.0100%	4h	0.01164	−0.367%	$57K	$20K	—
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	−0.285%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01165	−0.282%	$8K	$621K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1491%	1h	0.01170	+0.164%	$194K	$44K	25x	as long as short