Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1308%/8h= +143.2% APRpaid last 24h +0.591%

Price spread now: Kraken Futures against Bybit+0.455%7-day average +0.299% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1731.734% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.332%+$133 on $10k

Price spread, last 3 days (all we have)−0.119%−$12 · spread now +0.455%, 7d avg +0.299%

Together, before fees+1.213%+$121 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Kraken Futures is 0.155% dearer against Bybit than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.299%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01177	0.0100	pay 0.0050% / 4h	14m 31s	$5.0M	$2.7M	25x
Short	Kraken Futures PF_ZKUSD	0.01182	0.1408	get 0.0176% / 1h	14m 31s	$195K	$44K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.455%Rate

Funding earned: $274.59
Price spread: +0.455% → +0.299%: $15.51
Slippage, 4 orders: −$152.39
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $116.71
Costs to cover: 1.734%
Break-even: 4.0 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 63 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 Bybit live order book, 3 min ago	2.97 bp	17.4 bp −$17	53.3 bp −$533	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 63 min ago	30.45 bp	41.7 bp −$42	217.3 bp −$2,173	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-SWAP	−0.0060%	4h	0.01177	+0.017%	$988K	$2.4M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.578%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01180	+0.263%	$129K	$168K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01180	+0.306%	$599K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01179	+0.201%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01178	+0.127%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01178	+0.093%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01177	long leg	$5.0M	$2.7M	25x
Gate ZK_USDT	+0.0100%	8h	0.01178	+0.102%	$321K	$246K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01178	+0.102%	$985K	$1.1M	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	0.01178	+0.102%	$1.5M	$862K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01178	+0.102%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01178	+0.087%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	+0.272%	$154K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01177	+0.017%	$9K	$628K	50x	as long as short
BloFin ZK-USDT	+0.0103%	4h	0.01179	+0.153%	$214K	$25K	75x	as long as short
Kraken Futures PF_ZKUSDshort	+0.1408%	1h	0.01182	+0.455%	$195K	$44K	25x