Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Lighter against Bitget+0.125%7-day average −0.014% · 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−$62as in the Price arb table

costs, in and out, $10k−$750.754% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.125%, 7d avg −0.014%

Together, before fees−0.242%+ Points / potential airdropLighter: Season 3 · farm board−$24 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: Lighter is 0.139% dearer against Bitget than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZKUSDT	0.01198	0.0100	pay 0.0050% / 4h	3h 32m	$1.5M	$913K	75x
Short	Lighter ZK	0.01200	0.0096	get 0.0012% / 1h	32m 06s	$128K	$186K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$0.84
Price spread: +0.125% → −0.014%: $13.88
Slippage, 4 orders: −$63.4
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$62.36
Costs to cover: 0.754%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 48 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 Bitget live order book, 4 min ago	8.33 bp	23.1 bp −$23	80.3 bp −$803	doesn't fit	doesn't fit
Sell Lighter live order book, 48 min ago	7.56 bp	9.2 bp −$9	70.6 bp −$706	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	−2.337%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01200	+0.125%	$128K	$186K	8x
Hyperliquid ZK	+0.0100%	1h	0.01199	+0.075%	$594K	$172K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01198	+0.027%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01199	+0.083%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01197	−0.042%	$4.9M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01197	−0.075%	$5.1M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01197	−0.075%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01197	−0.083%	$303K	$261K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01197	−0.083%	$970K	$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 ZKUSDTlong	+0.0100%	4h	0.01198	long leg	$1.5M	$913K	75x
BingX ZK-USDT	+0.0100%	4h	0.01197	−0.075%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01200	+0.146%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01203	+0.417%	$161K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01204	+0.501%	$8K	$631K	50x	as long as short
BloFin ZK-USDT	+0.0133%	4h	0.01201	+0.234%	$217K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3544%	1h	0.01203	+0.380%	$210K	$47K	25x	as long as short