Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Bybit against Lighter−0.239%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$750.746% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.239%, 7d avg −0.090%

Together, before fees+0.223%+ Points / potential airdropLighter: Season 3 · farm board+$22 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: Bybit is 0.150% cheaper against Lighter than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01170	0.0096	pay 0.0012% / 1h	13m 51s	$127K	$165K	8x
Short	Bybit ZKUSDT	0.01167	0.0100	get 0.0050% / 4h	1h 13m	$5.0M	$2.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.239%Rate

Funding earned: $0.84
Price spread: −0.239% → −0.090%: −$14.96
Slippage, 4 orders: −$63.64
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$88.76
Costs to cover: 0.746%
Break-even: 746.7 days

Slippage from Lighter: live order book, 60 min ago; Bybit: live order book, 4 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, 60 min ago	9.86 bp	24.8 bp −$25	73.9 bp −$739	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.00 bp	19.0 bp −$19	55.3 bp −$553	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	−0.0010%	4h	0.01167	−0.214%	$943K	$2.3M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	0.000%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01170	long leg	$127K	$165K	8x
Hyperliquid ZK	+0.0100%	1h	0.01170	−0.026%	$593K	$239K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01168	−0.169%	$36K	$19K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01167	−0.222%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01169	−0.106%	$4.7M	$9.8M	75x	as long as short
Bybit ZKUSDTshort	+0.0100%	4h	0.01167	−0.239%	$5.0M	$2.6M	25x
Gate ZK_USDT	+0.0100%	8h	0.01168	−0.171%	$319K	$248K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01167	−0.256%	$987K	$1.0M	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	0.01168	−0.171%	$1.5M	$866K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01167	−0.222%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01164	−0.500%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01165	−0.427%	$160K	$2.8M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01166	−0.342%	$8K	$623K	50x	as long as short
BloFin ZK-USDT	+0.0136%	4h	0.01166	−0.385%	$211K	$25K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1291%	1h	0.01172	+0.134%	$194K	$43K	25x	as long as short