Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.092%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$250as in the Price arb table

costs, in and out, $10k−$2442.440% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now −0.092%, 7d avg −0.031%

Together, before fees−0.103%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 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: KuCoin is 0.060% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01200	0.0100	pay 0.0013% / 1h	32m 49s	$597K	$168K	5x
Short	KuCoin ZKUSDTM	0.01199	0.0100	get 0.0050% / 4h	3h 32m	$969K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0
Price spread: −0.092% → −0.031%: −$6.04
Slippage, 4 orders: −$222.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$250.01
Costs to cover: 2.440%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 17 min ago; KuCoin: live order book, 3 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, 17 min ago	2.08 bp	24.7 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	12.51 bp	84.4 bp −$84	181.8 bp −$1,818	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	−2.508%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01201	+0.058%	$128K	$186K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01200	long leg	$597K	$168K	5x
Aster ZKUSDT	+0.0100%	4h	0.01200	+0.019%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01200	−0.008%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01199	−0.110%	$4.9M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01198	−0.183%	$5.1M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01197	−0.225%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01198	−0.175%	$303K	$261K	50x	as long as short
KuCoin ZKUSDTMshort	+0.0100%	4h	0.01199	−0.092%	$969K	$1.7M	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01200	−0.008%	$1.5M	$913K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01199	−0.083%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01200	−0.029%	$58K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01203	+0.242%	$161K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01204	+0.325%	$8K	$631K	50x	as long as short
BloFin ZK-USDT	+0.0133%	4h	0.01201	+0.058%	$217K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3543%	1h	0.01203	+0.252%	$210K	$47K	25x	as long as short