Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Gate−0.214%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1161.160% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.137%+$14 · spread now −0.214%, 7d avg −0.081%

Together, before fees+0.068%+$7 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: Bybit is 0.134% cheaper against Gate than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZK_USDT	0.01213	0.0100	pay 0.0100% / 8h	7h 03m	$305K	$267K	50x
Short	Bybit ZKUSDT	0.01210	0.0100	get 0.0050% / 4h	3h 03m	$5.1M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.214%Rate

Funding earned: $0
Price spread: −0.214% → −0.081%: −$13.35
Slippage, 4 orders: −$90.04
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$129.39
Costs to cover: 1.160%
Break-even: never at this rate

Slippage from Gate: live order book, 26 min ago; Bybit: live order book, 4 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 Gate live order book, 26 min ago	8.35 bp	29.6 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	4.13 bp	27.5 bp −$27	98.8 bp −$988	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	−3.545%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01213	+0.016%	$128K	$187K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01213	+0.008%	$601K	$163K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01212	−0.058%	$33K	$22K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01212	−0.082%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01212	−0.074%	$5.0M	$7.7M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01210	−0.214%	$5.1M	$2.5M	25x
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01212	−0.124%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDTlong	+0.0100%	8h	0.01213	long leg	$305K	$267K	50x
KuCoin ZKUSDTM	+0.0100%	4h	0.01212	−0.082%	$982K	$1.7M	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	0.01213	0.000%	$1.5M	$810K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01211	−0.157%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01211	−0.165%	$58K	$8K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01212	−0.106%	$162K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01212	−0.082%	$8K	$632K	50x	as long as short
BloFin ZK-USDT	+0.0106%	4h	0.01212	−0.115%	$217K	$23K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3489%	1h	0.01222	+0.702%	$213K	$43K	25x	as long as short