Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.011%

Price spread now: Variational Omni against Lighter−0.310%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.310% cheaper against Lighter than usual: you would sell low and buy high, −$31 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01181	0.0096	pay 0.0012% / 1h	19m 34s	$129K	$167K	8x
Short	Variational Omni ZK	0.01177	0.0100	get 0.0050% / 4h	19m 34s	$57K	$15K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.310%Rate

Funding earned: $0.84
Price spread: −0.310% → 0.000%: −$30.99
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.15
Costs to cover: 0.000%
Break-even: 258.2 days

Slippage unknown: Lighter: live order book, 40 min ago; Variational Omni: no order-book sample. Net counts fees only.

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, 40 min ago	25.02 bp	32.9 bp −$33	427.9 bp −$4,279	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0049%	4h	0.01179	−0.161%	$986K	$2.4M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.906%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01181	long leg	$129K	$167K	8x
Hyperliquid ZK	+0.0100%	1h	0.01182	+0.068%	$600K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01179	−0.154%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	−0.161%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01179	−0.149%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	−0.152%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01178	−0.229%	$322K	$246K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01178	−0.229%	$988K	$1.1M	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	0.01179	−0.144%	$1.5M	$859K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01179	−0.144%	—	$6.7M	—	as long as short
Variational Omni ZKshort	+0.0100%	4h	0.01177	−0.310%	$57K	$15K	—
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01179	−0.143%	$154K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01177	−0.313%	$9K	$627K	50x	as long as short
BloFin ZK-USDT	+0.0119%	4h	0.01180	−0.068%	$215K	$25K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1408%	1h	0.01182	+0.118%	$195K	$44K	25x	as long as short