Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.005%

Price spread now: Lighter against BloFin+0.236%7-day average +0.009% · 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−$45as in the Price arb table

costs, in and out, $10k−$680.676% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)−0.275%−$28 · spread now +0.236%, 7d avg +0.009%

Together, before fees−0.431%+ Points / potential airdropLighter: Season 3 · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.226% dearer against BloFin than usual: you sell high and buy low (spread +0.236% now, against its 7-day average of +0.009%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 22 days. At the pace of the last 7 days (−0.156% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ZK-USDT	0.01188	0.0130	pay 0.0065% / 4h	35m 17s	$215K	$19K	75x
Short	Lighter ZK	0.01191	0.0096	get 0.0012% / 1h	35m 17s	$127K	$197K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.236%Rate

Funding earned: −$7.09
Price spread: +0.236% → +0.009%: $22.63
Slippage, 4 orders: −$55.62
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$52.08
Costs to cover: 0.676%
Break-even: never at this rate

Slippage from BloFin: live order book, 36 min ago; Lighter: live order book, 50 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 BloFin live order book, 36 min ago	2.10 bp	16.4 bp −$16	44.5 bp −$445	doesn't fit	doesn't fit
Sell Lighter live order book, 50 min ago	7.94 bp	8.1 bp −$8	61.8 bp −$618	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	−1.499%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01191	+0.236%	$127K	$197K	8x
Hyperliquid ZK	+0.0100%	1h	0.01189	+0.118%	$590K	$164K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01189	+0.093%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01189	+0.101%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01188	+0.031%	$4.9M	$7.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01188	+0.008%	$5.2M	$2.4M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01187	−0.034%	$1.0M	$2.1M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01188	+0.017%	$302K	$261K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01188	+0.017%	$965K	$1.6M	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	0.01188	+0.017%	$1.4M	$880K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01188	−0.008%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01187	−0.041%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01193	+0.425%	$156K	$2.2M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01191	+0.269%	$8K	$627K	50x	as long as short
BloFin ZK-USDTlong	+0.0130%	4h	0.01188	long leg	$215K	$19K	75x
Kraken Futures PF_ZKUSD	+0.2697%	1h	0.01194	+0.562%	$209K	$46K	25x	as long as short