Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against OKX+0.237%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$740.736% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)−0.188%−$19 · spread now +0.237%, 7d avg +0.097%

Together, before fees−0.155%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.139% dearer against OKX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01183	−0.0002	get 0.0001% / 4h	1h 13m	$1.0M	$2.3M	20x
Short	Hyperliquid ZK	0.01186	0.0100	get 0.0013% / 1h	13m 03s	$590K	$221K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.237%Rate

Funding earned: $21.41
Price spread: +0.237% → +0.097%: $13.94
Slippage, 4 orders: −$54.6
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.25
Costs to cover: 0.736%
Break-even: 19.5 days

Slippage from OKX: live order book, 4 min ago; Hyperliquid: live order book, 27 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 OKX live order book, 4 min ago	1.69 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 27 min ago	1.71 bp	16.0 bp −$16	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-SWAPlong	−0.0002%	4h	0.01183	long leg	$1.0M	$2.3M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.132%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0086%	4h	0.01185	+0.101%	$217K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01187	+0.321%	$137K	$182K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01186	+0.237%	$590K	$221K	5x
Aster ZKUSDT	+0.0100%	4h	0.01186	+0.211%	$32K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01185	+0.144%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01185	+0.147%	$4.9M	$8.7M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01185	+0.101%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01185	+0.135%	$331K	$236K	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	0.01184	+0.051%	$986K	$1.3M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01186	+0.220%	$1.5M	$846K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01184	+0.085%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01184	+0.057%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01186	+0.212%	$157K	$2.5M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01187	+0.304%	$8K	$621K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1581%	1h	0.01190	+0.531%	$196K	$39K	25x	as long as short