Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1225%/8h= −134.1% APRpaid last 24h −0.587%

Price spread now: BingX against Kraken Futures−0.558%7-day average −0.258% · you buy dearer than you sell

Net, funding: paid 7d − costs−$339as in the Funding arb table

Net, price: spread back to 7d avg − costs−$227as in the Price arb table

costs, in and out, $10k−$1971.968% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.427%−$143 on $10k

Price spread, last 4 days (all we have)+0.287%+$29 · spread now −0.558%, 7d avg −0.258%

Together, before fees−1.140%−$114 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and BingX is 0.300% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.258%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01186	0.1325	pay 0.0166% / 1h	45m 10s	$195K	$38K	25x
Short	BingX ZK-USDT	0.01180	0.0100	get 0.0050% / 4h	3h 45m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.558%Rate

Funding earned: −$257.2
Price spread: −0.558% → −0.258%: −$30
Slippage, 4 orders: −$176.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$483.95
Costs to cover: 1.968%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 7 min ago; BingX: live order book, 7 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 Kraken Futures live order book, 7 min ago	39.60 bp	103.1 bp −$103	19311.6 bp −$193.1K	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	3.37 bp	21.0 bp −$21	50.6 bp −$506	399.6 bp −$40.0K	783.6 bp −$391.8K

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	+0.0009%	4h	0.01180	−0.516%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.367%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01183	−0.263%	$136K	$181K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01182	−0.381%	$589K	$188K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01180	−0.550%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	−0.600%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01181	−0.423%	$4.9M	$8.2M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01180	−0.533%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	−0.609%	$308K	$252K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01180	−0.524%	$973K	$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 ZKUSDT	+0.0100%	4h	0.01181	−0.440%	$1.5M	$844K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01180	−0.558%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01178	−0.731%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01180	−0.495%	$161K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	−0.524%	$8K	$618K	50x	as long as short
BloFin ZK-USDT	+0.0133%	4h	0.01180	−0.499%	$217K	$21K	75x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1325%	1h	0.01186	long leg	$195K	$38K	25x