Funding arb · Price arb /

ZK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Lighter against Variational Omni+0.221%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

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—+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.221% dearer against Variational Omni than usual: you sell high and buy low, +$22 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZK	0.01200	0.0100	pay 0.0050% / 4h	3h 35m	$58K	$13K	—
Short	Lighter ZK	0.01202	0.0096	get 0.0012% / 1h	35m 29s	$129K	$186K	8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$0.84
Price spread: +0.221% → 0.000%: $22.07
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $21.23
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Lighter: live order book, 44 min ago. 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Lighter live order book, 44 min ago	7.56 bp	9.2 bp −$9	70.6 bp −$706	doesn't fit	doesn't fit

Variational Omni: 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
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−2.480%	$2K	$31K	5.5x	as long as short
Lighter ZKshort	+0.0096%	1h	0.01202	+0.221%	$129K	$186K	8x
Hyperliquid ZK	+0.0100%	1h	0.01202	+0.171%	$597K	$167K	5x	as long as short
Aster ZKUSDT	+0.0100%	4h	0.01201	+0.112%	$33K	$23K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01201	+0.062%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01201	+0.137%	$5.0M	$7.9M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01200	−0.004%	$5.2M	$2.5M	25x	as long as short
OKX ZK-USDT-SWAP	+0.0100%	4h	0.01200	−0.013%	$1.0M	$2.2M	20x	as long as short
Gate ZK_USDT	+0.0100%	8h	0.01202	+0.187%	$304K	$260K	50x	as long as short
KuCoin ZKUSDTM	+0.0100%	4h	0.01199	−0.063%	$967K	$1.7M	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	0.01202	+0.187%	$1.5M	$909K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01200	+0.021%	—	$6.7M	—	as long as short
Variational Omni ZKlong	+0.0100%	4h	0.01200	long leg	$58K	$13K	—
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01202	+0.177%	$161K	$2.1M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01204	+0.354%	$8K	$631K	50x	as long as short
BloFin ZK-USDT	+0.0106%	4h	0.01203	+0.271%	$217K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.3533%	1h	0.01207	+0.573%	$210K	$47K	25x	as long as short