Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid−0.118%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$850.854% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now −0.118%, 7d avg −0.014%

Together, before fees+0.114%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 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: Bitget is 0.104% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01186	0.0100	pay 0.0013% / 1h	59m 41s	$591K	$188K	5x
Short	Bitget ZKUSDT	0.01185	0.0100	get 0.0050% / 4h	3h 59m	$1.5M	$841K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.118%Rate

Funding earned: $0
Price spread: −0.118% → −0.014%: −$10.35
Slippage, 4 orders: −$64.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$95.71
Costs to cover: 0.854%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 30 min ago; Bitget: live order book, 2 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, 30 min ago	2.10 bp	23.4 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	8.44 bp	22.9 bp −$23	56.2 bp −$562	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	+0.0005%	4h	0.01184	−0.219%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.382%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01186	−0.008%	$136K	$180K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01186	long leg	$591K	$188K	5x
Aster ZKUSDT	+0.0100%	4h	0.01186	−0.038%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01186	−0.051%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01185	−0.088%	$4.9M	$8.3M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01184	−0.160%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01185	−0.118%	$326K	$239K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01184	−0.202%	$974K	$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 ZKUSDTshort	+0.0100%	4h	0.01185	−0.118%	$1.5M	$841K	75x
BingX ZK-USDT	+0.0100%	4h	0.01185	−0.101%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01184	−0.182%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01184	−0.243%	$161K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01184	−0.202%	$8K	$617K	50x	as long as short
BloFin ZK-USDT	+0.0137%	4h	0.01183	−0.320%	$218K	$21K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1923%	1h	0.01188	+0.148%	$195K	$38K	25x	as long as short