Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.026%

Price spread now: Hyperliquid against OKX+0.163%7-day average +0.092% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.224%−$22 · spread now +0.163%, 7d avg +0.092%

Together, before fees−0.193%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.071% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01165	−0.0006	get 0.0003% / 4h	1h 39m	$943K	$2.3M	20x
Short	Hyperliquid ZK	0.01167	0.0100	get 0.0013% / 1h	39m 56s	$585K	$236K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.163%Rate

Funding earned: $22.27
Price spread: +0.163% → +0.092%: $7.13
Slippage, 4 orders: −$59.26
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$48.85
Costs to cover: 0.783%
Break-even: 22.4 days

Slippage from OKX: live order book, 2 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 OKX live order book, 2 min ago	1.72 bp	20.3 bp −$20	doesn't fit	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-SWAPlong	−0.0006%	4h	0.01165	long leg	$943K	$2.3M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.429%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0052%	4h	0.01166	+0.060%	$211K	$25K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01168	+0.258%	$119K	$157K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01167	+0.163%	$585K	$236K	5x
Aster ZKUSDT	+0.0100%	4h	0.01167	+0.193%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01165	+0.034%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01166	+0.072%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01165	+0.026%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01167	+0.172%	$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	0.000%	$988K	$968K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01166	+0.086%	$1.5M	$856K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01166	+0.052%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01166	+0.049%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	0.000%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01165	0.000%	$8K	$622K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1294%	1h	0.01169	+0.329%	$194K	$43K	25x	as long as short