Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Bybit+0.221%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$820.820% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now +0.221%, 7d avg +0.099%

Together, before fees−0.178%+ Points / potential airdropLighter: Season 3 · farm board−$18 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 0.122% dearer against Bybit than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZKUSDT	0.01174	0.0100	pay 0.0050% / 4h	1h 49m	$5.1M	$2.4M	25x
Short	Lighter ZK	0.01176	0.0096	get 0.0012% / 1h	49m 22s	$128K	$194K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$0.84
Price spread: +0.221% → +0.099%: $12.22
Slippage, 4 orders: −$71.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$70.66
Costs to cover: 0.820%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 41 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 Bybit live order book, 3 min ago	3.41 bp	28.5 bp −$28	131.4 bp −$1,314	doesn't fit	doesn't fit
Sell Lighter live order book, 41 min ago	5.61 bp	5.8 bp −$6	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
OKX ZK-USDT-SWAP	−0.0061%	4h	0.01173	−0.043%	$999K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.332%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0083%	4h	0.01174	0.000%	$213K	$19K	75x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01176	+0.221%	$128K	$194K	8x
Hyperliquid ZK	+0.0100%	1h	0.01176	+0.187%	$584K	$177K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01175	+0.105%	$31K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01175	+0.094%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01175	+0.110%	$4.9M	$8.1M	75x	as long as short
Bybit ZKUSDTlong	+0.0100%	4h	0.01174	long leg	$5.1M	$2.4M	25x
Gate ZK_USDT	+0.0100%	8h	0.01175	+0.094%	$299K	$260K	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	0.01174	+0.009%	$966K	$1.5M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01175	+0.094%	$1.4M	$909K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01175	+0.077%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01173	−0.059%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01175	+0.078%	$162K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01175	+0.094%	$8K	$624K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1642%	1h	0.01179	+0.419%	$201K	$42K	25x	as long as short