Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Bitget+0.156%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$790.789% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.156%, 7d avg +0.016%

Together, before fees−0.159%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 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: Hyperliquid is 0.140% dearer against Bitget than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZKUSDT	0.01153	0.0100	pay 0.0050% / 4h	2h 23m	$1.4M	$899K	75x
Short	Hyperliquid ZK	0.01155	0.0100	get 0.0013% / 1h	23m 04s	$575K	$178K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.156%Rate

Funding earned: $0
Price spread: +0.156% → +0.016%: $14
Slippage, 4 orders: −$57.9
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$64.9
Costs to cover: 0.789%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Hyperliquid: live order book, 57 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 Bitget live order book, 3 min ago	4.34 bp	24.7 bp −$25	73.5 bp −$735	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 57 min ago	0.85 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-SWAP	−0.0141%	4h	0.01154	+0.078%	$982K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+1.474%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01155	+0.182%	$124K	$193K	8x	as long as short
Hyperliquid ZKshort	+0.0100%	1h	0.01155	+0.156%	$575K	$178K	5x
Aster ZKUSDT	+0.0100%	4h	0.01155	+0.139%	$31K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01154	+0.113%	$28K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01155	+0.156%	$4.8M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01153	+0.035%	$5.0M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01153	0.000%	$293K	$264K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01153	0.000%	$946K	$1.5M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDTlong	+0.0100%	4h	0.01153	long leg	$1.4M	$899K	75x
BingX ZK-USDT	+0.0100%	4h	0.01154	+0.087%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01151	−0.164%	$56K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01156	+0.260%	$159K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01157	+0.347%	$8K	$625K	50x	as long as short
BloFin ZK-USDT	+0.0143%	4h	0.01155	+0.217%	$212K	$17K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1290%	1h	0.01156	+0.252%	$190K	$35K	25x	as long as short