Funding arb · Price arb /

ZK

all ZK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0153%/8h= +16.7% APRpaid last 24h +0.006%

Price spread now: Lighter against OKX+0.221%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$750.751% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.221%, 7d avg +0.062%

Together, before fees−0.281%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.159% dearer against OKX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.062%. Mind the row above: over the last 7 days funding on this pair cost −0.121%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZK-USDT-SWAP	0.01179	−0.0057	get 0.0028% / 4h	2h 01m	$1.0M	$2.2M	20x
Short	Lighter ZK	0.01181	0.0096	get 0.0012% / 1h	1m 13s	$129K	$197K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.221%Rate

Funding earned: $32.11
Price spread: +0.221% → +0.062%: $15.89
Slippage, 4 orders: −$65.11
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.12
Costs to cover: 0.751%
Break-even: 12.9 days

Slippage from OKX: live order book, 6 min ago; Lighter: live order book, 29 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 OKX live order book, 6 min ago	4.25 bp	23.7 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 29 min ago	5.61 bp	5.8 bp −$6	61.8 bp −$618	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-SWAPlong	−0.0057%	4h	0.01179	long leg	$1.0M	$2.2M	20x
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.747%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01181	+0.221%	$129K	$197K	8x
Hyperliquid ZK	+0.0100%	1h	0.01181	+0.170%	$586K	$180K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01181	+0.181%	$32K	$21K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01180	+0.110%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01180	+0.061%	$4.9M	$8.1M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01179	+0.059%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01180	+0.102%	$300K	$267K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01180	+0.102%	$973K	$1.5M	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	0.01181	+0.187%	$1.4M	$912K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01179	+0.059%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01178	−0.060%	$57K	$13K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01183	+0.336%	$155K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01180	+0.102%	$8K	$625K	50x	as long as short
BloFin ZK-USDT	+0.0116%	4h	0.01179	+0.059%	$212K	$18K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1261%	1h	0.01182	+0.303%	$202K	$43K	25x	as long as short