Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1808%/8h= −198.0% APRpaid last 24h −0.552%

Price spread now: BloFin against Kraken Futures−0.240%7-day average −0.214% · you buy dearer than you sell

Net, funding: paid 7d − costs−$329as in the Funding arb table

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$1891.893% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.401%−$140 on $10k

Price spread, last 4 days (all we have)+0.301%+$30 · spread now −0.240%, 7d avg −0.214%

Together, before fees−1.099%−$110 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and BloFin is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.214%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01188	0.1923	pay 0.0240% / 1h	36m 22s	$195K	$38K	25x
Short	BloFin ZK-USDT	0.01185	0.0114	get 0.0057% / 4h	36m 22s	$218K	$21K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$379.76
Price spread: −0.240% → −0.214%: −$2.58
Slippage, 4 orders: −$167.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$571.63
Costs to cover: 1.893%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; BloFin: live order book, 62 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, 21 min ago	26.25 bp	110.6 bp −$111	16643.9 bp −$166.4K	doesn't fit	doesn't fit
Sell BloFin live order book, 62 min ago	5.13 bp	12.9 bp −$13	39.6 bp −$396	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	+0.0006%	4h	0.01179	−0.745%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.545%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01184	−0.358%	$137K	$180K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01182	−0.526%	$587K	$204K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01183	−0.450%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01184	−0.375%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01181	−0.653%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01181	−0.627%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01181	−0.619%	$329K	$231K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01181	−0.619%	$976K	$1.4M	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	0.01182	−0.535%	$1.5M	$838K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01181	−0.644%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01182	−0.520%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01188	−0.043%	$158K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	−0.366%	$8K	$616K	50x	as long as short
BloFin ZK-USDTshort	+0.0114%	4h	0.01185	−0.240%	$218K	$21K	75x
Kraken Futures PF_ZKUSDlong	+0.1923%	1h	0.01188	long leg	$195K	$38K	25x