Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Gate against Lighter−0.175%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1241.241% of the position

Long on Lighter Short on Gate

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)+0.122%+$12 · spread now −0.175%, 7d avg −0.021%

Together, before fees+0.307%+ 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: Gate is 0.154% 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 −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZK	0.01199	0.0096	pay 0.0012% / 1h	0m 48s	$130K	$183K	8x
Short	Gate ZK_USDT	0.01197	0.0100	get 0.0100% / 8h	6h 00m	$305K	$274K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.175%Rate

Funding earned: $0.84
Price spread: −0.175% → −0.021%: −$15.39
Slippage, 4 orders: −$109.06
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$138.61
Costs to cover: 1.241%
Break-even: 1162.1 days

Slippage from Lighter: live order book, 44 min ago; Gate: live order book, 47 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, 44 min ago	11.37 bp	30.5 bp −$30	82.3 bp −$823	doesn't fit	doesn't fit
Sell Gate live order book, 47 min ago	4.23 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit

ZK on 17 exchanges

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	−2.427%	$2K	$31K	5.5x	as long as short
Lighter ZKlong	+0.0096%	1h	0.01199	long leg	$130K	$183K	8x
Hyperliquid ZK	+0.0100%	1h	0.01199	−0.050%	$594K	$168K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01197	−0.144%	$33K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01196	−0.234%	$29K	$2K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01198	−0.076%	$4.9M	$7.8M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01197	−0.133%	$5.1M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01196	−0.259%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDTshort	+0.0100%	8h	0.01197	−0.175%	$305K	$274K	50x
KuCoin ZKUSDTM	+0.0100%	4h	0.01196	−0.259%	$966K	$1.8M	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01198	−0.092%	$1.5M	$881K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01197	−0.200%	—	$6.6M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01196	−0.253%	$58K	$5K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01199	−0.035%	$157K	$2.0M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01199	−0.008%	$8K	$637K	50x	as long as short
BloFin ZK-USDT	+0.0111%	4h	0.01196	−0.292%	$212K	$26K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.4566%	1h	0.01197	−0.216%	$208K	$49K	25x	as long as short