Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0489%/8h= +53.5% APRpaid last 24h +0.058%

Price spread now: Hyperliquid against BingX+0.083%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$960.959% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 7 days−0.078%−$8 · spread now +0.083%, 7d avg −0.022%

Together, before fees−0.322%+ Points / potential airdropHyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Hyperliquid is 0.105% dearer against BingX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.243%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.243% in total (about -12.7% 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	BingX ZETA-USDT	0.06022	−0.0554	get 0.0277% / 4h	1h 49m	—	$6.7M	—
Short	Hyperliquid ZETA	0.06027	−0.0065	pay 0.0008% / 1h	49m 45s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.083%Rate

Funding earned: $102.59
Price spread: +0.083% → −0.022%: $10.53
Slippage, 4 orders: −$76.9
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $17.22
Costs to cover: 0.959%
Break-even: 5.8 days

Slippage from BingX: live order book, 3 min ago; Hyperliquid: live order book, 2 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 BingX live order book, 3 min ago	4.11 bp	18.7 bp −$19	45.8 bp −$458	333.1 bp −$33.3K	625.5 bp −$312.7K
Sell Hyperliquid live order book, 2 min ago	4.13 bp	25.1 bp −$25	doesn't fit	doesn't fit	doesn't fit

ZETA 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
Gate ZETA_USDT	−0.0928%	4h	0.06024	+0.033%	$605K	$9.5M	25x	as long as short
MEXC ZETA_USDT	−0.0596%	4h	0.06025	+0.050%	$1.5M	$11.6M	50x	as long as short
Binance ZETAUSDT	−0.0593%	4h	0.06025	+0.055%	$8.4M	$304.3M	50x	as long as short
BloFin ZETA-USDT	−0.0559%	4h	0.06066	+0.731%	$406K	$1.0M	50x	as long as short
KuCoin ZETAUSDTM	−0.0556%	4h	0.06027	+0.083%	$1.2M	$5.1M	20x	as long as short
BingX ZETA-USDTlong	−0.0554%	4h	0.06022	long leg	—	$6.7M	—
OKX ZETA-USDT-SWAP	−0.0414%	4h	0.06019	−0.050%	$1.1M	$46.3M	20x	as long as short
Kraken Futures PF_ZETAUSD	−0.0264%	1h	0.06029	+0.117%	$66K	$631K	10x	as long as short
Variational Omni ZETA	−0.0247%	4h	0.06061	+0.647%	$140K	$704K	—	as long as short
Bybit ZETAUSDT	−0.0078%	4h	0.06021	−0.017%	$5.3M	$78.4M	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETAshort	−0.0065%	1h	0.06027	+0.083%	$1.7M	$3.7M	3x
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.273%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06032	+0.166%	$2.2M	$57.9M	50x	as long as short