Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0853%/8h= +93.4% APRpaid last 24h +0.584%

Price spread now: Kraken Futures against OKX+0.245%7-day average +0.265% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2282.283% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.348%+$135 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.245%, 7d avg +0.265%

Together, before fees+1.373%+$137 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.020% cheaper against OKX than usual: you would sell low and buy high (spread +0.245% now, against its 7-day average of +0.265%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01174	−0.0118	get 0.0059% / 4h	2h 03m	$1.0M	$2.3M	20x
Short	Kraken Futures PF_ZKUSD	0.01177	0.0734	get 0.0092% / 1h	3m 51s	$194K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.245%Rate

Funding earned: $179.04
Price spread: +0.245% → +0.265%: −$2.01
Slippage, 4 orders: −$208.31
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$51.29
Costs to cover: 2.283%
Break-even: 9.0 days

Slippage from OKX: live order book, 3 min ago; Kraken Futures: live order book, 64 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, 3 min ago	1.71 bp	14.7 bp −$15	88.7 bp −$887	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 64 min ago	38.06 bp	50.9 bp −$51	233.2 bp −$2,332	doesn't fit	doesn't fit

ZK on 16 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	−0.0118%	4h	0.01174	long leg	$1.0M	$2.3M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.366%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01176	+0.179%	$136K	$182K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01176	+0.170%	$584K	$229K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01175	+0.037%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01175	+0.034%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01174	+0.012%	$4.9M	$9.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01174	+0.009%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01175	+0.060%	$327K	$243K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01174	−0.026%	$977K	$1.2M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01174	−0.026%	$1.5M	$861K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01175	+0.026%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01172	−0.184%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01172	−0.196%	$155K	$2.6M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01173	−0.111%	$9K	$623K	50x	as long as short
Kraken Futures PF_ZKUSDshort	+0.0734%	1h	0.01177	+0.245%	$194K	$43K	25x