Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.007%

Price spread now: BloFin against Lighter−0.126%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 on $10k

Price spread, last 4 days (all we have)+0.232%+$23 · spread now −0.126%, 7d avg −0.004%

Together, before fees+0.380%+ Points / potential airdropLighter: Season 3 · farm board+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.122% cheaper against Lighter than usual: you would sell low and buy high (spread −0.126% now, against its 7-day average of −0.004%). If the spread goes back, that is −$12 on $10k: about 7.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01192	0.0096	pay 0.0012% / 1h	13m 13s	$137K	$180K	8x
Short	BloFin ZK-USDT	0.01190	0.0153	get 0.0077% / 4h	13m 13s	$219K	$21K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.126%Rate

Funding earned: $11.99
Price spread: −0.126% → −0.004%: −$12.24
Slippage, 4 orders: −$70.61
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$82.86
Costs to cover: 0.826%
Break-even: 55.4 days

Slippage from Lighter: live order book, 27 min ago; BloFin: live order book, 18 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, 27 min ago	9.28 bp	29.5 bp −$29	74.5 bp −$745	doesn't fit	doesn't fit
Sell BloFin live order book, 18 min ago	0.84 bp	23.1 bp −$23	57.8 bp −$578	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	+0.0013%	4h	0.01190	−0.151%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.821%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01192	long leg	$137K	$180K	8x
Hyperliquid ZK	+0.0100%	1h	0.01192	+0.050%	$593K	$196K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01192	−0.012%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01192	0.000%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01191	−0.077%	$4.9M	$8.4M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01190	−0.151%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01192	+0.025%	$328K	$249K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01190	−0.143%	$978K	$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	0.01191	−0.059%	$1.5M	$859K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01191	−0.042%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01188	−0.307%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01190	−0.143%	$155K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01190	−0.143%	$8K	$618K	50x	as long as short
BloFin ZK-USDTshort	+0.0153%	4h	0.01190	−0.126%	$219K	$21K	75x
Kraken Futures PF_ZKUSD	+0.1915%	1h	0.01193	+0.126%	$196K	$38K	25x	as long as short