Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Hyperliquid−0.113%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

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

costs, in and out, $10k−$600.605% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.113%, 7d avg −0.071%

Together, before fees+0.118%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 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: Binance is 0.043% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01168	0.0100	pay 0.0013% / 1h	28m 47s	$586K	$238K	5x
Short	Binance ZKUSDT	0.01166	0.0100	get 0.0050% / 4h	2h 28m	$4.7M	$9.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.113%Rate

Funding earned: $0
Price spread: −0.113% → −0.071%: −$4.25
Slippage, 4 orders: −$41.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$64.75
Costs to cover: 0.605%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 56 min ago; Binance: live order book, 11 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 Hyperliquid live order book, 56 min ago	1.70 bp	16.9 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.86 bp	14.1 bp −$14	48.8 bp −$488	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	+0.206%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0041%	4h	0.01166	−0.103%	$211K	$35K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01168	+0.017%	$119K	$159K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01168	long leg	$586K	$238K	5x
Aster ZKUSDT	+0.0100%	4h	0.01166	−0.116%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01166	−0.120%	$29K	$3K	5x	as long as short
Binance ZKUSDTshort	+0.0100%	4h	0.01166	−0.113%	$4.7M	$9.9M	75x
Bybit ZKUSDT	+0.0100%	4h	0.01166	−0.146%	$5.0M	$2.7M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01165	−0.197%	$950K	$2.3M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01166	−0.137%	$316K	$256K	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	0.01165	−0.223%	$989K	$957K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01166	−0.137%	$1.5M	$851K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01166	−0.163%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01165	−0.184%	$57K	$20K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01166	−0.137%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01166	−0.137%	$8K	$622K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1490%	1h	0.01171	+0.314%	$194K	$44K	25x	as long as short