ZK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.008%

Price spread now: Lighter against Hyperliquid+0.017%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$710.714% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$15 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now +0.017%, 7d avg −0.037%

Together, before fees−0.088%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$9 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: Lighter is 0.055% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01171	0.0100	pay 0.0013% / 1h	53m 29s	$585K	$173K	5x
Short	Lighter ZK	0.01171	0.0096	get 0.0012% / 1h	53m 29s	$127K	$187K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$0.84
Price spread: +0.017% → −0.037%: $5.46
Slippage, 4 orders: −$62.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$66.82
Costs to cover: 0.714%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 26 min ago; Lighter: live order book, 41 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, 26 min ago	0.85 bp	19.5 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 41 min ago	8.48 bp	9.4 bp −$9	59.2 bp −$592	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	−0.0064%	4h	0.01168	−0.171%	$994K	$2.1M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.043%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01171	+0.017%	$127K	$187K	8x
BloFin ZK-USDT	+0.0097%	4h	0.01169	−0.128%	$215K	$20K	75x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01171	long leg	$585K	$173K	5x
Aster ZKUSDT	+0.0100%	4h	0.01171	+0.023%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01170	−0.085%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01169	−0.120%	$4.8M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01169	−0.162%	$5.1M	$2.3M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01170	−0.043%	$300K	$257K	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	0.01169	−0.128%	$963K	$1.4M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01170	−0.043%	$1.5M	$841K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01169	−0.094%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01169	−0.137%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01171	+0.043%	$158K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01170	−0.043%	$8K	$620K	50x	as long as short
Kraken Futures PF_ZKUSD	+0.1270%	1h	0.01174	+0.257%	$193K	$36K	25x	as long as short