Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against BingX+0.176%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$950.951% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now +0.176%, 7d avg +0.055%

Together, before fees−0.341%+ Points / potential airdropLighter: Season 3 · farm board−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.121% dearer against BingX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX ZK-USDT	0.01194	0.0100	pay 0.0050% / 4h	1h 53m	—	$6.7M	—
Short	Lighter ZK	0.01196	0.0096	get 0.0012% / 1h	53m 39s	$129K	$180K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee LighterbpOrdersPrice spread, now +0.176%Rate

Funding earned: −$0.84
Price spread: +0.176% → +0.055%: $12.11
Slippage, 4 orders: −$85.11
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$83.83
Costs to cover: 0.951%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Lighter: live order book, 52 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 BingX live order book, 2 min ago	3.35 bp	20.9 bp −$21	57.9 bp −$579	420.9 bp −$42.1K	662.0 bp −$331.0K
Sell Lighter live order book, 52 min ago	11.37 bp	21.0 bp −$21	74.6 bp −$746	doesn't fit	doesn't fit

ZK on 17 exchanges

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	−2.035%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01196	+0.176%	$129K	$180K	8x
Hyperliquid ZK	+0.0100%	1h	0.01196	+0.134%	$593K	$167K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01195	+0.028%	$33K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01195	+0.059%	$29K	$2K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01195	+0.021%	$4.9M	$7.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01194	+0.008%	$5.1M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01194	0.000%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01196	+0.142%	$304K	$264K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01195	+0.059%	$966K	$1.8M	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01195	+0.059%	$1.5M	$876K	75x	as long as short
BingX ZK-USDTlong	+0.0100%	4h	0.01194	long leg	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01197	+0.221%	$58K	$4K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01198	+0.310%	$160K	$2.0M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01198	+0.310%	$8K	$637K	50x	as long as short
BloFin ZK-USDT	+0.0112%	4h	0.01196	+0.134%	$214K	$26K	75x	as long as short
Kraken Futures PF_ZKUSD	+4.0209%	1h	0.01193	−0.127%	$208K	$48K	25x	as long as short