Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.007%

Price spread now: Bybit against Lighter−0.213%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

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

costs, in and out, $10k−$830.833% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.213%, 7d avg −0.096%

Together, before fees+0.138%+ Points / potential airdropLighter: Season 3 · farm board+$14 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: Bybit is 0.117% cheaper against Lighter than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01174	0.0096	pay 0.0012% / 1h	54m 05s	$135K	$181K	8x
Short	Bybit ZKUSDT	0.01171	0.0100	get 0.0050% / 4h	1h 54m	$5.0M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.213%Rate

Funding earned: $0.84
Price spread: −0.213% → −0.096%: −$11.7
Slippage, 4 orders: −$72.26
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$94.12
Costs to cover: 0.833%
Break-even: 791.3 days

Slippage from Lighter: live order book, 56 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 Lighter live order book, 56 min ago	10.66 bp	24.6 bp −$25	72.9 bp −$729	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	4.28 bp	23.4 bp −$23	76.7 bp −$767	doesn't fit	doesn't fit

ZK on 16 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	−0.0106%	4h	0.01170	−0.341%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.307%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01174	long leg	$135K	$181K	8x
Hyperliquid ZK	+0.0100%	1h	0.01173	−0.060%	$582K	$223K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01172	−0.120%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01172	−0.111%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01171	−0.187%	$4.8M	$8.8M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01171	−0.213%	$5.0M	$2.5M	25x
Gate ZK_USDT	+0.0100%	8h	0.01171	−0.222%	$326K	$231K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01172	−0.136%	$974K	$1.2M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01172	−0.136%	$1.5M	$850K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01171	−0.187%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01177	+0.265%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01171	−0.205%	$155K	$2.6M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01168	−0.477%	$9K	$620K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1601%	1h	0.01175	+0.129%	$193K	$39K	25x	as long as short