Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.010%

Price spread now: Lighter against OKX+0.255%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$1011.007% of the position

Long on OKX Short on Lighter

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)−0.195%−$19 · spread now +0.255%, 7d avg +0.051%

Together, before fees−0.309%+ Points / potential airdropLighter: Season 3 · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.204% dearer against OKX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.051%. Mind the row above: over the last 7 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01177	0.0041	pay 0.0020% / 4h	40m 24s	$981K	$2.3M	20x
Short	Lighter ZK	0.01180	0.0096	get 0.0012% / 1h	40m 24s	$129K	$166K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.255%Rate

Funding earned: $11.59
Price spread: +0.255% → +0.051%: $20.42
Slippage, 4 orders: −$90.74
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$68.72
Costs to cover: 1.007%
Break-even: 48.5 days

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 20 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, 2 min ago	0.42 bp	20.3 bp −$20	102.4 bp −$1,024	doesn't fit	doesn't fit
Sell Lighter live order book, 20 min ago	25.02 bp	25.1 bp −$25	99.0 bp −$990	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
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.586%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAPlong	+0.0041%	4h	0.01177	long leg	$981K	$2.3M	20x
BloFin ZK-USDT	+0.0042%	4h	0.01179	+0.136%	$213K	$25K	75x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01180	+0.255%	$129K	$166K	8x
Hyperliquid ZK	+0.0100%	1h	0.01179	+0.204%	$599K	$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	0.01178	+0.093%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01177	+0.040%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01177	+0.042%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01178	+0.093%	$322K	$245K	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	0.01178	+0.093%	$989K	$1.0M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01179	+0.178%	$1.5M	$857K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01178	+0.059%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01178	+0.089%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01182	+0.400%	$154K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01182	+0.433%	$8K	$628K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1409%	1h	0.01181	+0.345%	$194K	$44K	25x	as long as short