Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.9% APRpaid last 24h +0.020%

Price spread now: BloFin against Lighter−0.223%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 3 days (all we have)+0.264%+$26 · spread now −0.223%, 7d avg +0.009%

Together, before fees+0.413%+ Points / potential airdropLighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.232% cheaper against Lighter than usual: you would sell low and buy high (spread −0.223% now, against its 7-day average of +0.009%). If the spread goes back, that is −$23 on $10k: about 17 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01164	0.0096	pay 0.0012% / 1h	46m 40s	$119K	$156K	8x
Short	BloFin ZK-USDT	0.01162	0.0140	get 0.0070% / 4h	1h 46m	$211K	$24K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.223%Rate

Funding earned: $9.31
Price spread: −0.223% → +0.009%: −$23.22
Slippage, 4 orders: −$58.57
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$84.47
Costs to cover: 0.706%
Break-even: 70.5 days

Slippage from Lighter: live order book, 27 min ago; BloFin: live order book, 28 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, 27 min ago	9.86 bp	24.8 bp −$25	73.9 bp −$739	doesn't fit	doesn't fit
Sell BloFin live order book, 28 min ago	2.14 bp	20.5 bp −$20	37.4 bp −$374	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	−0.0006%	4h	0.01161	−0.249%	$943K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	+0.507%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01164	long leg	$119K	$156K	8x
Hyperliquid ZK	+0.0100%	1h	0.01163	−0.069%	$584K	$235K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01163	−0.074%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01162	−0.172%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01162	−0.163%	$4.7M	$9.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01162	−0.172%	$5.0M	$2.7M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01162	−0.180%	$314K	$244K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01162	−0.180%	$986K	$966K	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	0.01162	−0.180%	$1.5M	$857K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01162	−0.206%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01162	−0.189%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01163	−0.095%	$160K	$2.9M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01162	−0.180%	$8K	$622K	50x	as long as short
BloFin ZK-USDTshort	+0.0140%	4h	0.01162	−0.223%	$211K	$24K	75x
Kraken Futures PF_ZKUSD	+0.1299%	1h	0.01165	+0.044%	$193K	$43K	25x	as long as short