Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.016%

Price spread now: Injective against BloFin−1.788%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.788% cheaper against BloFin than usual: you would sell low and buy high (−$179 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	BloFin ZK-USDT	0.01191	0.0110	pay 0.0055% / 4h	16m 28s	$220K	$21K	75x
Short	Injective ZK/USDC PERP	0.01170	0.0033	get 0.0004% / 1h	16m 28s	$2K	$31K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −1.788%Rate

Funding earned: −$16.13
Price spread: −1.788% → 0.000%: −$178.8
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$206.95
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 14 min ago; 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 BloFin live order book, 14 min ago	0.84 bp	19.1 bp −$19	50.3 bp −$503	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	+0.0030%	4h	0.01189	−0.227%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERPshort	+0.0033%	1h	0.01170	−1.788%	$2K	$31K	5.5x
Lighter ZK	+0.0096%	1h	0.01192	+0.076%	$138K	$180K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01191	0.000%	$592K	$195K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01190	−0.086%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01191	−0.067%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01190	−0.072%	$4.9M	$8.4M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01190	−0.134%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01190	−0.109%	$327K	$249K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01190	−0.109%	$979K	$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	0.01190	−0.109%	$1.5M	$861K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01189	−0.159%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01189	−0.174%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01192	+0.059%	$159K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01191	−0.025%	$8K	$617K	50x	as long as short
BloFin ZK-USDTlong	+0.0110%	4h	0.01191	long leg	$220K	$21K	75x
Kraken Futures PF_ZKUSD	+0.1911%	1h	0.01196	+0.380%	$197K	$38K	25x	as long as short