Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: ApeX Omni against Hyperliquid−0.135%65s7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$810.815% of the position

Long on Hyperliquid Short on ApeX Omni

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)+2.670%+$267 · spread now −0.135%, 7d avg +0.007%

Together, before fees+2.669%+ Points / potential airdropHyperliquid: Season 2 · farm board+$267 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: ApeX Omni is 0.142% cheaper against Hyperliquid than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.007%. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01188	0.0100	pay 0.0013% / 1h	20m 12s	$591K	$165K	5x
Short	ApeX Omni ZKUSDT	0.01186	0.0100	get 0.0013% / 1h	20m 12s	$8K	$629K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.135%Rate

Funding earned: $0
Price spread: −0.135% → +0.007%: −$14.18
Slippage, 4 orders: −$62.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$95.67
Costs to cover: 0.815%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 40 min ago; ApeX Omni: live order book, 18 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 Hyperliquid live order book, 40 min ago	2.11 bp	18.4 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 18 min ago	12.60 bp	22.6 bp −$23	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	−1.482%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0048%	4h	0.01186	−0.152%	$215K	$19K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01188	+0.051%	$127K	$197K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01188	long leg	$591K	$165K	5x
Aster ZKUSDT	+0.0100%	4h	0.01188	+0.025%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01185	−0.177%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01187	−0.076%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01186	−0.152%	$5.1M	$2.4M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01186	−0.126%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01186	−0.135%	$302K	$264K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZKUSDTM	+0.0100%	4h	0.01186	−0.135%	$967K	$1.6M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01186	−0.135%	$1.4M	$886K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01187	−0.093%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01186	−0.169%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01187	−0.051%	$155K	$2.2M	10x	as long as short
ApeX Omni ZKUSDTshort	+0.0100%	1h	0.01186	−0.135%	$8K	$629K	50x
Kraken Futures PF_ZKUSD	+0.2706%	1h	0.01190	+0.234%	$208K	$46K	25x	as long as short