Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.007%

Price spread now: OKX against Lighter−0.291%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$820.823% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.278%+$28 · spread now −0.291%, 7d avg −0.049%

Together, before fees+0.392%+ Points / potential airdropLighter: Season 3 · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.243% cheaper against Lighter than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.114%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01168	0.0096	pay 0.0012% / 1h	23m 51s	$127K	$165K	8x
Short	OKX ZK-USDT-SWAP	0.01165	−0.0017	pay 0.0009% / 4h	1h 23m	$941K	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.291%Rate

Funding earned: −$23.83
Price spread: −0.291% → −0.049%: −$24.25
Slippage, 4 orders: −$72.29
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$130.37
Costs to cover: 0.823%
Break-even: never at this rate

Slippage from Lighter: live order book, 50 min ago; OKX: live order book, 3 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, 50 min ago	9.86 bp	24.8 bp −$25	73.9 bp −$739	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.01 bp	24.7 bp −$25	doesn't fit	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-SWAPshort	−0.0017%	4h	0.01165	−0.291%	$941K	$2.3M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.171%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0078%	4h	0.01163	−0.462%	$211K	$24K	75x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01168	long leg	$127K	$165K	8x
Hyperliquid ZK	+0.0100%	1h	0.01167	−0.128%	$585K	$235K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01166	−0.172%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01166	−0.188%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01166	−0.185%	$4.7M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01165	−0.265%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01166	−0.171%	$318K	$247K	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	0.01165	−0.257%	$987K	$987K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01165	−0.257%	$1.5M	$860K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01165	−0.231%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01163	−0.436%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01163	−0.432%	$151K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01163	−0.428%	$8K	$620K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1294%	1h	0.01169	+0.047%	$193K	$43K	25x	as long as short