Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1319%/8h= +144.4% APRpaid last 24h +0.601%

Price spread now: Kraken Futures against OKX+0.267%45s7-day average +0.271% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1961.960% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.491%+$149 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.267%, 7d avg +0.271%

Together, before fees+1.501%+$150 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.271%, so right now this pair is about funding alone: +$40 a day on $10k at the current rate. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01180	0.0009	pay 0.0005% / 4h	3h 43m	$1.0M	$2.2M	20x
Short	Kraken Futures PF_ZKUSD	0.01183	0.1328	get 0.0166% / 1h	43m 32s	$195K	$38K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.267%Rate

Funding earned: $276.93
Price spread: +0.267% → +0.271%: −$0.4
Slippage, 4 orders: −$175.97
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $80.55
Costs to cover: 1.960%
Break-even: 5.0 days

Slippage from OKX: live order book, 3 min ago; Kraken Futures: live order book, 9 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, 3 min ago	1.70 bp	21.0 bp −$21	102.6 bp −$1,026	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 9 min ago	39.60 bp	50.7 bp −$51	233.2 bp −$2,332	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	+0.0009%	4h	0.01180	long leg	$1.0M	$2.2M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.856%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01182	+0.169%	$136K	$181K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01182	+0.144%	$589K	$188K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01181	+0.062%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01180	+0.034%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01180	+0.021%	$4.9M	$8.2M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	−0.093%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	−0.093%	$308K	$252K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01179	−0.093%	$973K	$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	0.01181	+0.076%	$1.5M	$842K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01179	−0.059%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01178	−0.217%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01182	+0.161%	$161K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	−0.008%	$8K	$618K	50x	as long as short
BloFin ZK-USDT	+0.0133%	4h	0.01180	+0.017%	$217K	$21K	75x	as long as short
Kraken Futures PF_ZKUSDshort	+0.1328%	1h	0.01183	+0.267%	$195K	$38K	25x