Funding arb · Price arb /

ZBT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0635%/8h= −69.5% APRpaid last 24h 0.000%

Price spread now: OKX against Gate−0.059%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1491.488% of the position

Long on Gate Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 4 days (all we have)+0.227%+$23 · spread now −0.059%, 7d avg +0.040%

Together, before fees+0.459%+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and OKX is 0.100% cheaper against Gate than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.232%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.232% in total (about 12.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZBT_USDT	0.08412	0.0735	pay 0.0735% / 8h	7h 13m	$546K	$562K	50x
Short	OKX ZBT-USDT-SWAP	0.08407	0.0100	get 0.0050% / 4h	3h 13m	$555K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Gate. 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 GatebpFee OKXbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$133.35
Price spread: −0.059% → +0.040%: −$9.99
Slippage, 4 orders: −$123.79
Fee Gate: 7.5 bp × 2 orders: −$15
Fee OKX: 5 bp × 2 orders: −$10
Net: −$292.13
Costs to cover: 1.488%
Break-even: never at this rate

Slippage from Gate: live order book, 58 min ago; OKX: 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 Gate live order book, 58 min ago	5.97 bp	58.1 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.60 bp	27.4 bp −$27	255.0 bp −$2,550	doesn't fit	doesn't fit

ZBT on 13 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
Kraken Futures PF_ZBTUSD	−0.0704%	1h	0.08408	−0.045%	$7K	$6K	10x	as long as short
Aster ZBTUSDT	+0.0100%	4h	0.08425	+0.155%	$10K	$15K	5x	as long as short
Binance ZBTUSDT	+0.0100%	4h	0.08414	+0.024%	$3.2M	$2.6M	50x	as long as short
Bybit ZBTUSDT	+0.0100%	4h	0.08410	−0.024%	$872K	$436K	25x	as long as short
OKX ZBT-USDT-SWAPshort	+0.0100%	4h	0.08407	−0.059%	$555K	$1.4M	10x
MEXC ZBT_USDT	+0.0100%	4h	0.08418	+0.071%	$1.4M	$200K	100x	as long as short
KuCoin ZBTUSDTM	+0.0100%	4h	0.08414	+0.024%	$743K	$9.8M	50x	as long as short
Bitget ZBTUSDT	+0.0100%	4h	0.08410	−0.024%	$6.1M	$138K	10x	as long as short
BingX ZBT-USDT	+0.0100%	4h	0.08410	−0.024%	—	$1.3M	—	as long as short
Variational Omni ZBT	+0.0100%	4h	0.08412	−0.004%	$897	$453	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended ZBT-USD	+0.0104%	1h	0.08425	+0.153%	$2K	$120K	5x	as long as short
BloFin ZBT-USDT	+0.0125%	4h	0.08423	+0.131%	$148K	$20K	50x	as long as short
Gate ZBT_USDTlong	+0.0735%	8h	0.08412	long leg	$546K	$562K	50x