Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1512%/8h= −165.6% APRpaid last 24h −0.579%

Price spread now: Bybit against Kraken Futures−0.724%7-day average −0.301% · you buy dearer than you sell

Net, funding: paid 7d − costs−$344as in the Funding arb table

Net, price: spread back to 7d avg − costs−$227as in the Price arb table

costs, in and out, $10k−$1851.846% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.597%−$160 on $10k

Price spread, last 4 days (all we have)+0.395%+$40 · spread now −0.724%, 7d avg −0.301%

Together, before fees−1.202%−$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Bybit is 0.423% cheaper against Kraken Futures than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of −0.301%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01201	0.1612	pay 0.0202% / 1h	23m 44s	$205K	$41K	25x
Short	Bybit ZKUSDT	0.01192	0.0100	get 0.0050% / 4h	1h 23m	$5.2M	$2.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.724%Rate

Funding earned: −$317.6
Price spread: −0.724% → −0.301%: −$42.28
Slippage, 4 orders: −$163.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$544.52
Costs to cover: 1.846%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 19 min ago; Bybit: live order book, 4 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, 19 min ago	31.84 bp	83.2 bp −$83	17325.2 bp −$173.3K	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.39 bp	27.5 bp −$27	79.1 bp −$791	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	−2.556%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAP	+0.0044%	4h	0.01191	−0.824%	$1.0M	$2.2M	20x	as long as short
BloFin ZK-USDT	+0.0047%	4h	0.01194	−0.524%	$216K	$19K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01195	−0.491%	$132K	$197K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01194	−0.574%	$592K	$171K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01193	−0.630%	$32K	$22K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01193	−0.674%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01193	−0.630%	$4.9M	$8.0M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01192	−0.724%	$5.2M	$2.4M	25x
Gate ZK_USDT	+0.0100%	8h	0.01195	−0.474%	$307K	$261K	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	0.01193	−0.641%	$979K	$1.6M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01194	−0.557%	$1.5M	$881K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01195	−0.474%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01188	−1.091%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	−1.429%	$164K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	−1.723%	$8K	$628K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1612%	1h	0.01201	long leg	$205K	$41K	25x