Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: Binance against Lighter−0.089%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$760.765% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.089%, 7d avg −0.041%

Together, before fees+0.096%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.048% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01191	0.0096	pay 0.0012% / 1h	37m 30s	$127K	$197K	8x
Short	Binance ZKUSDT	0.01190	0.0100	get 0.0050% / 4h	37m 30s	$4.9M	$7.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.089%Rate

Funding earned: $0.84
Price spread: −0.089% → −0.041%: −$4.8
Slippage, 4 orders: −$66.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$80.46
Costs to cover: 0.765%
Break-even: 677.5 days

Slippage from Lighter: live order book, 47 min ago; Binance: live order book, 16 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 Lighter live order book, 47 min ago	7.94 bp	22.4 bp −$22	76.0 bp −$760	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.84 bp	25.0 bp −$25	68.1 bp −$681	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	−1.771%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0050%	4h	0.01194	+0.210%	$214K	$19K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01191	long leg	$127K	$197K	8x
Hyperliquid ZK	+0.0100%	1h	0.01191	−0.017%	$591K	$164K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01191	+0.005%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01190	−0.092%	$29K	$3K	5x	as long as short
Binance ZKUSDTshort	+0.0100%	4h	0.01190	−0.089%	$4.9M	$7.9M	75x
Bybit ZKUSDT	+0.0100%	4h	0.01190	−0.126%	$5.2M	$2.4M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01187	−0.311%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01189	−0.176%	$303K	$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	0.01190	−0.092%	$970K	$1.6M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01189	−0.176%	$1.4M	$878K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01190	−0.084%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01195	+0.291%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01193	+0.147%	$156K	$2.2M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01196	+0.411%	$8K	$627K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.2699%	1h	0.01194	+0.227%	$208K	$46K	25x	as long as short