ZK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1195%/8h= −130.9% APRnext payment −$1.49 per $10,000 · paid last 24h −0.617%

Price spread now: Lighter against Kraken Futures+0.103%7-day average −0.207% · you sell dearer than you buy

Net, funding: paid 7d − costs−$392as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$2262.262% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.659%−$166 on $10k

Price spread, last 4 days (all we have)−0.235%−$23 · spread now +0.103%, 7d avg −0.207%

Together, before fees−1.894%+ Points / potential airdropLighter: Season 3 · farm board−$189 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.310% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of −0.207%): +$31 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01154	0.1291	pay 0.0161% / 1h	25m 24s	$189K	$35K	25x
Short	Lighter ZK	0.01156	0.0096	get 0.0012% / 1h	25m 24s	$124K	$193K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$251.05
Price spread: +0.103% → −0.207%: $30.96
Slippage, 4 orders: −$216.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$446.31
Costs to cover: 2.262%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 22 min ago; Lighter: 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 Kraken Futures live order book, 22 min ago	17.54 bp	164.6 bp −$165	17232.1 bp −$172.3K	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	5.61 bp	5.8 bp −$6	61.8 bp −$618	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	−0.0143%	4h	0.01156	+0.112%	$983K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+1.350%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01156	+0.103%	$124K	$193K	8x
Hyperliquid ZK	+0.0100%	1h	0.01157	+0.224%	$577K	$178K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01155	+0.069%	$31K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01155	+0.016%	$28K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01157	+0.198%	$4.8M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01156	+0.172%	$5.0M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01155	+0.051%	$293K	$263K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01155	+0.051%	$950K	$1.5M	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	0.01155	+0.051%	$1.4M	$898K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01156	+0.138%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01151	−0.286%	$56K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01159	+0.397%	$160K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01157	+0.224%	$8K	$625K	50x	as long as short
BloFin ZK-USDT	+0.0137%	4h	0.01154	−0.053%	$211K	$17K	75x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1291%	1h	0.01154	long leg	$189K	$35K	25x