Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Hyperliquid against ApeX Omni−0.085%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$920.917% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−2.450%−$245 · spread now −0.085%, 7d avg −0.018%

Together, before fees−2.450%+ Points / potential airdropHyperliquid: Season 2 · farm board−$245 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: Hyperliquid is 0.067% cheaper against ApeX Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ZKUSDT	0.01174	0.0100	pay 0.0013% / 1h	0m 48s	$9K	$624K	50x
Short	Hyperliquid ZK	0.01173	0.0100	get 0.0013% / 1h	0m 48s	$582K	$229K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.018%: −$6.73
Slippage, 4 orders: −$72.65
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$98.38
Costs to cover: 0.917%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 67 min ago; Hyperliquid: live order book, 49 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 ApeX Omni live order book, 67 min ago	12.71 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 49 min ago	1.71 bp	24.4 bp −$24	doesn't fit	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-SWAP	−0.0110%	4h	0.01171	−0.298%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.341%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01173	−0.060%	$135K	$182K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01173	−0.085%	$582K	$229K	5x
Aster ZKUSDT	+0.0100%	4h	0.01172	−0.205%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01171	−0.221%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01172	−0.198%	$4.8M	$9.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01170	−0.315%	$5.0M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01173	−0.085%	$327K	$243K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01171	−0.256%	$971K	$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	0.01172	−0.170%	$1.5M	$855K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01171	−0.281%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01170	−0.358%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01173	−0.085%	$155K	$2.6M	10x	as long as short
ApeX Omni ZKUSDTlong	+0.0100%	1h	0.01174	long leg	$9K	$624K	50x
Kraken Futures PF_ZKUSD	+0.0735%	1h	0.01175	+0.096%	$193K	$42K	25x	as long as short