Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.014%

Price spread now: Bybit against Injective+1.205%48s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 1.205% dearer against Injective than usual: you sell high and buy low: +$121 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 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	Injective ZK/USDC PERP	0.01170	0.0033	pay 0.0004% / 1h	10m 27s	$2K	$31K	5.5x
Short	Bybit ZKUSDT	0.01184	0.0100	get 0.0050% / 4h	1h 10m	$5.1M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +1.205%Rate

Funding earned: $14
Price spread: +1.205% → 0.000%: $120.51
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $123.49
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.12 bp	21.1 bp −$21	100.0 bp −$1,000	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0004%	4h	0.01184	+1.171%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERPlong	+0.0033%	1h	0.01170	long leg	$2K	$31K	5.5x
BloFin ZK-USDT	+0.0092%	4h	0.01183	+1.094%	$217K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01187	+1.487%	$137K	$182K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01187	+1.444%	$590K	$221K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01185	+1.273%	$32K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01185	+1.308%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01185	+1.299%	$4.9M	$8.7M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01184	+1.205%	$5.1M	$2.5M	25x
Gate ZK_USDT	+0.0100%	8h	0.01184	+1.197%	$331K	$236K	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	0.01184	+1.197%	$977K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01184	+1.197%	$1.5M	$847K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01184	+1.179%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01183	+1.083%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01185	+1.282%	$157K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01186	+1.368%	$8K	$621K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1581%	1h	0.01190	+1.717%	$196K	$39K	25x	as long as short