Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Binance+0.131%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

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

costs, in and out, $10k−$770.770% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.131%, 7d avg +0.072%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 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 0.059% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ZKUSDT	0.01201	0.0100	pay 0.0050% / 4h	3h 51m	$5.0M	$7.9M	75x
Short	Hyperliquid ZK	0.01203	0.0100	get 0.0013% / 1h	51m 15s	$597K	$166K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → +0.072%: $5.89
Slippage, 4 orders: −$57.98
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$71.09
Costs to cover: 0.770%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Hyperliquid: live order book, 69 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 Binance live order book, 3 min ago	2.92 bp	23.5 bp −$23	92.1 bp −$921	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 69 min ago	2.11 bp	18.1 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
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−2.583%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01202	+0.090%	$129K	$186K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01203	+0.131%	$597K	$166K	5x
Aster ZKUSDT	+0.0100%	4h	0.01201	+0.038%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01200	−0.094%	$29K	$3K	5x	as long as short
Binance ZKUSDTlong	+0.0100%	4h	0.01201	long leg	$5.0M	$7.9M	75x
Bybit ZKUSDT	+0.0100%	4h	0.01201	−0.035%	$5.2M	$2.4M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01200	−0.077%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01200	−0.085%	$305K	$257K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01201	−0.002%	$975K	$1.7M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01201	−0.002%	$1.4M	$898K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01201	−0.035%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01194	−0.568%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01197	−0.335%	$156K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01198	−0.252%	$8K	$629K	50x	as long as short
BloFin ZK-USDT	+0.0132%	4h	0.01201	+0.040%	$216K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3524%	1h	0.01210	+0.708%	$211K	$47K	25x	as long as short