Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1588%/8h= −173.9% APRpaid last 24h −0.591%

Price spread now: OKX against Kraken Futures−0.303%7-day average −0.270% · you buy dearer than you sell

Net, funding: paid 7d − costs−$341as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1831.829% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.582%−$158 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.303%, 7d avg −0.270%

Together, before fees−1.551%−$155 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and OKX is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.270%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZKUSD	0.01192	0.1624	pay 0.0203% / 1h	26m 16s	$203K	$41K	25x
Short	OKX ZK-USDT-SWAP	0.01188	0.0036	get 0.0018% / 4h	1h 26m	$1.0M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.303%Rate

Funding earned: −$333.52
Price spread: −0.303% → −0.270%: −$3.29
Slippage, 4 orders: −$162.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$519.7
Costs to cover: 1.829%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 16 min ago; OKX: live order book, 6 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, 16 min ago	31.84 bp	83.2 bp −$83	17325.2 bp −$173.3K	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	2.97 bp	29.0 bp −$29	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	−1.839%	$2K	$31K	5.5x	as long as short
OKX ZK-USDT-SWAPshort	+0.0036%	4h	0.01188	−0.303%	$1.0M	$2.2M	20x
Lighter ZK	+0.0096%	1h	0.01190	−0.152%	$132K	$197K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01189	−0.203%	$590K	$175K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01189	−0.257%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01184	−0.639%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01189	−0.244%	$4.9M	$8.0M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01188	−0.286%	$5.2M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01188	−0.328%	$304K	$261K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01186	−0.496%	$974K	$1.6M	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	0.01188	−0.328%	$1.5M	$889K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01188	−0.328%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01177	−1.218%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01178	−1.167%	$163K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	−1.000%	$8K	$629K	50x	as long as short
BloFin ZK-USDT	+0.0142%	4h	0.01179	−1.067%	$213K	$19K	75x	as long as short
Kraken Futures PF_ZKUSDlong	+0.1624%	1h	0.01192	long leg	$203K	$41K	25x