Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.010%

Price spread now: Injective against Variational Omni−1.140%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

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 airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.140% cheaper against Variational Omni than usual: you would sell low and buy high (−$114 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZK	0.01183	0.0100	pay 0.0050% / 4h	3h 55m	$58K	$15K	—
Short	Injective ZK/USDC PERP	0.01170	0.0033	get 0.0004% / 1h	55m 16s	$2K	$31K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −1.140%Rate

Funding earned: −$14
Price spread: −1.140% → 0.000%: −$113.99
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$128.01
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; Injective: 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Variational Omni and Injective: 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	−0.0074%	4h	0.01180	−0.286%	$1.0M	$2.4M	20x	as long as short
Injective ZK/USDC PERPshort	+0.0033%	1h	0.01170	−1.140%	$2K	$31K	5.5x
BloFin ZK-USDT	+0.0063%	4h	0.01184	+0.018%	$214K	$24K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01184	+0.060%	$132K	$172K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01182	−0.126%	$600K	$238K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01182	−0.162%	$37K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01182	−0.160%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01181	−0.210%	$4.8M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01180	−0.261%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01181	−0.210%	$330K	$238K	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	0.01180	−0.295%	$991K	$1.1M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01180	−0.295%	$1.5M	$867K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01180	−0.278%	—	$6.7M	—	as long as short
Variational Omni ZKlong	+0.0100%	4h	0.01183	long leg	$58K	$15K	—
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	+0.031%	$163K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01183	−0.041%	$9K	$627K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1355%	1h	0.01185	+0.154%	$195K	$44K	25x	as long as short