Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.008%

Price spread now: Lighter against KuCoin+0.085%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$290as in the Funding arb table

Net, price: spread back to 7d avg − costs−$265as in the Price arb table

costs, in and out, $10k−$2752.752% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now +0.085%, 7d avg −0.013%

Together, before fees−0.069%+ Points / potential airdropLighter: Season 3 · farm board−$7 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 0.098% dearer against KuCoin than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZKUSDTM	0.01175	0.0100	pay 0.0050% / 4h	1h 03m	$979K	$1.3M	50x
Short	Lighter ZK	0.01176	0.0096	get 0.0012% / 1h	3m 25s	$136K	$182K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$0.84
Price spread: +0.085% → −0.013%: $9.8
Slippage, 4 orders: −$263.19
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$266.23
Costs to cover: 2.752%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	8.49 bp	117.1 bp −$117	387.2 bp −$3,872	doesn't fit	doesn't fit
Sell Lighter live order book, 41 min ago	7.66 bp	8.5 bp −$9	57.0 bp −$570	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	−0.0009%	4h	0.01175	−0.026%	$1.0M	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.426%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01176	+0.085%	$136K	$182K	8x
Hyperliquid ZK	+0.0100%	1h	0.01178	+0.230%	$586K	$221K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01175	+0.036%	$31K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01174	−0.068%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01176	+0.070%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01175	0.000%	$5.0M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01174	−0.085%	$329K	$239K	50x	as long as short
KuCoin ZKUSDTMlong	+0.0100%	4h	0.01175	long leg	$979K	$1.3M	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01176	+0.085%	$1.5M	$860K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01175	−0.026%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01177	+0.176%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01179	+0.378%	$157K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01179	+0.340%	$8K	$621K	50x	as long as short
BloFin ZK-USDT	+0.0101%	4h	0.01177	+0.162%	$218K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1594%	1h	0.01180	+0.406%	$194K	$39K	25x	as long as short