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% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid−0.084%7-day average −0.017% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.084%, 7d avg −0.017%

Together, before fees+0.127%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 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: Bitget is 0.067% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01197	0.0100	pay 0.0013% / 1h	41m 13s	$594K	$165K	5x
Short	Bitget ZKUSDT	0.01196	0.0100	get 0.0050% / 4h	41m 13s	$1.4M	$875K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.017%: −$6.7
Slippage, 4 orders: −$61.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$89.3
Costs to cover: 0.826%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 19 min ago; Bitget: live order book, 5 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, 19 min ago	2.11 bp	18.4 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	8.36 bp	26.6 bp −$27	79.6 bp −$796	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	−2.256%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01197	0.000%	$128K	$197K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01197	long leg	$594K	$165K	5x
Aster ZKUSDT	+0.0100%	4h	0.01196	−0.079%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01196	−0.084%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01196	−0.110%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01195	−0.142%	$5.2M	$2.3M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01195	−0.201%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01195	−0.167%	$304K	$259K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01194	−0.251%	$972K	$1.6M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDTshort	+0.0100%	4h	0.01196	−0.084%	$1.4M	$875K	75x
BingX ZK-USDT	+0.0100%	4h	0.01195	−0.167%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01194	−0.224%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01196	−0.085%	$156K	$2.2M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01195	−0.167%	$8K	$627K	50x	as long as short
BloFin ZK-USDT	+0.0119%	4h	0.01196	−0.058%	$215K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.2682%	1h	0.01201	+0.349%	$210K	$46K	25x	as long as short