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 −0.026%

Price spread now: OKX against Hyperliquid−0.292%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$750.746% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)+0.268%+$27 · spread now −0.292%, 7d avg −0.091%

Together, before fees+0.236%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 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: OKX is 0.201% cheaper against Hyperliquid than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.091%.

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	9m 57s	$584K	$237K	5x
Short	OKX ZK-USDT-SWAP	0.01162	0.0100	get 0.0050% / 4h	2h 09m	$944K	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.292%Rate

Funding earned: $0
Price spread: −0.292% → −0.091%: −$20.07
Slippage, 4 orders: −$55.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$94.68
Costs to cover: 0.746%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; OKX: 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, 10 min ago	1.28 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.15 bp	23.6 bp −$24	doesn't fit	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	+0.421%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01166	+0.043%	$119K	$159K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01165	long leg	$584K	$237K	5x
Aster ZKUSDT	+0.0100%	4h	0.01164	−0.069%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01163	−0.154%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01164	−0.129%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01163	−0.206%	$5.0M	$2.7M	25x	as long as short
OKX ZK-USDT-SWAPshort	+0.0100%	4h	0.01162	−0.292%	$944K	$2.3M	20x
Gate ZK_USDT	+0.0100%	8h	0.01163	−0.180%	$315K	$256K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01164	−0.094%	$988K	$960K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01164	−0.094%	$1.5M	$852K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01163	−0.172%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01163	−0.182%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	+0.022%	$154K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01168	+0.249%	$8K	$622K	50x	as long as short
BloFin ZK-USDT	+0.0131%	4h	0.01164	−0.112%	$212K	$24K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1495%	1h	0.01167	+0.175%	$193K	$44K	25x	as long as short