Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1816%/8h= −198.9% APRpaid last 24h −0.550%

Price spread now: Gate against Kraken Futures−0.197%7-day average −0.218% · you buy dearer than you sell

Net, funding: paid 7d − costs−$356as in the Funding arb table

Net, price: spread back to 7d avg − costs−$217as in the Price arb table

costs, in and out, $10k−$2192.195% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.365%−$136 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.197%, 7d avg −0.218%

Together, before fees−1.310%−$131 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.021% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.197% now, against its 7-day average of −0.218%): +$2 on $10k if it goes back. Holding the pair costs −$54 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 7 days (−1.365% in total) that is about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01192	0.1916	pay 0.0240% / 1h	14m 42s	$196K	$38K	25x
Short	Gate ZK_USDT	0.01190	0.0100	get 0.0100% / 8h	4h 14m	$327K	$249K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now −0.197%Rate

Funding earned: −$381.42
Price spread: −0.197% → −0.218%: $2.13
Slippage, 4 orders: −$194.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$598.76
Costs to cover: 2.195%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 43 min ago; Gate: live order book, 40 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, 43 min ago	26.25 bp	110.6 bp −$111	16643.9 bp −$166.4K	doesn't fit	doesn't fit
Sell Gate live order book, 40 min ago	4.21 bp	30.2 bp −$30	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
OKX ZK-USDT-SWAP	+0.0022%	4h	0.01189	−0.314%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−1.874%	$2K	$31K	5.5x	as long as short
BloFin ZK-USDT	+0.0077%	4h	0.01191	−0.155%	$220K	$21K	75x	as long as short
Lighter ZK	+0.0096%	1h	0.01192	−0.071%	$137K	$180K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01191	−0.121%	$592K	$196K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01190	−0.169%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01190	−0.197%	$30K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01190	−0.222%	$4.9M	$8.4M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01189	−0.264%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDTshort	+0.0100%	8h	0.01190	−0.197%	$327K	$249K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZKUSDTM	+0.0100%	4h	0.01189	−0.281%	$976K	$1.4M	50x	as long as short
Bitget ZKUSDT	+0.0100%	4h	0.01190	−0.197%	$1.5M	$861K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01190	−0.205%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01188	−0.361%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01191	−0.113%	$156K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01190	−0.197%	$8K	$617K	50x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1916%	1h	0.01192	long leg	$196K	$38K	25x