Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h +0.001%

Price spread now: BloFin against Hyperliquid−0.172%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 3 days (all we have)+0.239%+$24 · spread now −0.172%, 7d avg −0.041%

Together, before fees+0.244%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.130% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01165	0.0100	pay 0.0013% / 1h	26m 55s	$585K	$237K	5x
Short	BloFin ZK-USDT	0.01163	0.0086	get 0.0043% / 4h	1h 26m	$211K	$24K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$2.97
Price spread: −0.172% → −0.041%: −$13.02
Slippage, 4 orders: −$47.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$84.07
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 53 min ago; BloFin: live order book, 48 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, 53 min ago	1.28 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 48 min ago	2.14 bp	20.5 bp −$20	37.4 bp −$374	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	−0.0018%	4h	0.01163	−0.215%	$940K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.403%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDTshort	+0.0086%	4h	0.01163	−0.172%	$211K	$24K	75x
Lighter ZK	+0.0096%	1h	0.01166	+0.069%	$127K	$165K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01165	long leg	$585K	$237K	5x
Aster ZKUSDT	+0.0100%	4h	0.01164	−0.129%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01162	−0.275%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01164	−0.111%	$4.7M	$9.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01163	−0.180%	$5.0M	$2.6M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01163	−0.197%	$317K	$247K	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	0.01163	−0.197%	$984K	$980K	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01164	−0.112%	$1.5M	$860K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01163	−0.180%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01162	−0.300%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01163	−0.201%	$151K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01163	−0.197%	$8K	$620K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1296%	1h	0.01167	+0.171%	$193K	$43K	25x	as long as short