Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1521%/8h= −166.6% APRpaid last 24h −0.576%

Price spread now: BingX against Kraken Futures−0.305%7-day average −0.258% · you buy dearer than you sell

Net, funding: paid 7d − costs−$330as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1781.779% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.519%−$152 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.305%, 7d avg −0.258%

Together, before fees−1.472%−$147 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and BingX is 0.047% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.258%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01194	0.1621	pay 0.0203% / 1h	14m 54s	$209K	$46K	25x
Short	BingX ZK-USDT	0.01191	0.0100	get 0.0050% / 4h	1h 14m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.305%Rate

Funding earned: −$319.43
Price spread: −0.305% → −0.258%: −$4.69
Slippage, 4 orders: −$157.88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$502.01
Costs to cover: 1.779%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 28 min ago; BingX: live order book, 7 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 Kraken Futures live order book, 28 min ago	31.84 bp	83.2 bp −$83	17325.2 bp −$173.3K	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	2.94 bp	20.5 bp −$20	50.9 bp −$509	394.5 bp −$39.5K	766.1 bp −$383.0K

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	−2.030%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0065%	4h	0.01192	−0.204%	$214K	$19K	75x	as long as short
OKX ZK-USDT-SWAP	+0.0080%	4h	0.01189	−0.439%	$1.0M	$2.1M	20x	as long as short
Lighter ZK	+0.0096%	1h	0.01193	−0.137%	$132K	$197K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01192	−0.204%	$591K	$171K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01191	−0.263%	$32K	$22K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01191	−0.271%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01191	−0.263%	$4.9M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01191	−0.280%	$5.2M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01190	−0.355%	$305K	$262K	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	0.01190	−0.355%	$976K	$1.6M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01191	−0.271%	$1.5M	$877K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01191	−0.305%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01190	−0.368%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01192	−0.146%	$165K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01191	−0.271%	$8K	$628K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1621%	1h	0.01194	long leg	$209K	$46K	25x