Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.007%

Price spread now: Injective against OKX−0.586%68s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.586% cheaper against OKX than usual: you would sell low and buy high (spread −0.586% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$59 on $10k: about 38 days of funding at the current rate (+$2 a day). The two prices were read 68 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01177	−0.0018	get 0.0009% / 4h	1h 06m	$1.0M	$2.3M	20x
Short	Injective ZK/USDC PERP	0.01170	0.0033	get 0.0004% / 1h	6m 21s	$2K	$31K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.586%Rate

Funding earned: $10.72
Price spread: −0.586% → 0.000%: −$58.63
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$57.93
Costs to cover: 0.100%
Break-even: 44.8 days

Slippage unknown: OKX: live order book, 6 min ago; Injective: no order-book sample. Net counts fees only.

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 OKX live order book, 6 min ago	2.96 bp	23.3 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-SWAPlong	−0.0018%	4h	0.01177	long leg	$1.0M	$2.3M	20x
Injective ZK/USDC PERPshort	+0.0033%	1h	0.01170	−0.586%	$2K	$31K	5.5x
Lighter ZK	+0.0096%	1h	0.01180	+0.289%	$136K	$182K	8x	as long as short
Hyperliquid ZK	+0.0100%	1h	0.01179	+0.212%	$586K	$221K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01178	+0.059%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01177	+0.025%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01179	+0.161%	$4.9M	$8.6M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01178	+0.110%	$5.1M	$2.5M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01179	+0.178%	$331K	$237K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01176	−0.076%	$980K	$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	0.01179	+0.178%	$1.5M	$858K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01177	0.000%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01183	+0.490%	$58K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01182	+0.433%	$157K	$2.4M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01182	+0.433%	$8K	$621K	50x	as long as short
BloFin ZK-USDT	+0.0106%	4h	0.01180	+0.246%	$216K	$21K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1587%	1h	0.01185	+0.704%	$195K	$39K	25x	as long as short