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: BingX against Lighter−0.212%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 4 days (all we have)+0.125%+$13 · spread now −0.212%, 7d avg −0.046%

Together, before fees+0.310%+ Points / potential airdropLighter: Season 3 · farm board+$31 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: BingX is 0.166% cheaper against Lighter than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01179	0.0096	pay 0.0012% / 1h	6m 52s	$136K	$182K	8x
Short	BingX ZK-USDT	0.01177	0.0100	get 0.0050% / 4h	1h 06m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.212%Rate

Funding earned: $0.84
Price spread: −0.212% → −0.046%: −$16.61
Slippage, 4 orders: −$71.04
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$96.81
Costs to cover: 0.810%
Break-even: 813.8 days

Slippage from Lighter: live order book, 38 min ago; BingX: live order book, 10 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 Lighter live order book, 38 min ago	7.66 bp	28.3 bp −$28	74.1 bp −$741	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.38 bp	21.3 bp −$21	51.1 bp −$511	368.6 bp −$36.9K	752.2 bp −$376.1K

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	−0.0017%	4h	0.01176	−0.288%	$1.0M	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.772%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01179	long leg	$136K	$182K	8x
Hyperliquid ZK	+0.0100%	1h	0.01179	−0.034%	$586K	$220K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01179	−0.011%	$32K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01179	−0.051%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01177	−0.187%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01176	−0.221%	$5.0M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	−0.008%	$329K	$237K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01177	−0.178%	$979K	$1.3M	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	0.01178	−0.093%	$1.5M	$848K	75x	as long as short
BingX ZK-USDTshort	+0.0100%	4h	0.01177	−0.212%	—	$6.7M	—
Variational Omni ZK	+0.0100%	4h	0.01183	+0.303%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01182	+0.246%	$157K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01182	+0.246%	$8K	$621K	50x	as long as short
BloFin ZK-USDT	+0.0106%	4h	0.01180	+0.059%	$216K	$21K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1592%	1h	0.01181	+0.200%	$194K	$39K	25x	as long as short