Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Hyperliquid against Bitget−0.166%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$860.859% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.312%−$31 on $10k

Price spread, last 4 days (all we have)−0.281%−$28 · spread now −0.166%, 7d avg −0.099%

Together, before fees−0.593%+ Points / potential airdropHyperliquid: Season 2 · farm board−$59 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.067% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZETAUSDT	0.06013	0.0100	pay 0.0050% / 4h	2h 17m	$2.2M	$57.6M	50x
Short	Hyperliquid ZETA	0.06003	0.0100	get 0.0013% / 1h	17m 22s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now −0.166%Rate

Funding earned: $0
Price spread: −0.166% → −0.099%: −$6.73
Slippage, 4 orders: −$64.92
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$92.64
Costs to cover: 0.859%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: 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 Bitget live order book, 2 min ago	3.35 bp	18.5 bp −$18	83.9 bp −$839	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	4.17 bp	23.0 bp −$23	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	−0.0656%	4h	0.06003	−0.166%	$599K	$9.5M	25x	as long as short
KuCoin ZETAUSDTM	−0.0488%	4h	0.06004	−0.150%	$1.1M	$5.1M	20x	as long as short
Kraken Futures PF_ZETAUSD	−0.0429%	1h	0.06000	−0.223%	$66K	$630K	10x	as long as short
BloFin ZETA-USDT	−0.0360%	4h	0.05945	−1.131%	$402K	$1.0M	50x	as long as short
Binance ZETAUSDT	−0.0345%	4h	0.06004	−0.148%	$8.3M	$302.5M	50x	as long as short
MEXC ZETA_USDT	−0.0334%	4h	0.06006	−0.116%	$1.5M	$11.5M	50x	as long as short
BingX ZETA-USDT	−0.0306%	4h	0.06003	−0.166%	—	$6.7M	—	as long as short
OKX ZETA-USDT-SWAP	−0.0167%	4h	0.06000	−0.216%	$1.1M	$46.0M	20x	as long as short
Variational Omni ZETA	−0.0098%	4h	0.05995	−0.297%	$141K	$695K	—	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.434%	$1K	$5K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDT	+0.0083%	4h	0.05999	−0.233%	$5.3M	$78.0M	25x	as long as short
Hyperliquid ZETAshort	+0.0100%	1h	0.06003	−0.166%	$1.7M	$3.7M	3x
Bitget ZETAUSDTlong	+0.0100%	4h	0.06013	long leg	$2.2M	$57.6M	50x