Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.2994%/8h= −327.9% APRpaid last 24h −0.322%

Price spread now: Kraken Futures against Bitget+0.156%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$361as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$2122.120% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.490%−$149 on $10k

Price spread, last 3 days (all we have)+0.085%+$9 · spread now +0.156%, 7d avg −0.033%

Together, before fees−1.405%−$140 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.189% dearer against Bitget than usual: you sell high and buy low (spread +0.156% now, against its 7-day average of −0.033%): +$19 on $10k if it goes back. Holding the pair costs −$90 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−1.490% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.490% in total (about -77.7% 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	Bitget ZETAUSDT	0.05618	0.0100	pay 0.0050% / 4h	3h 58m	$2.1M	$60.7M	50x
Short	Kraken Futures PF_ZETAUSD	0.05627	−0.2894	pay 0.0362% / 1h	58m 34s	$52K	$679K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.156%Rate

Funding earned: −$628.84
Price spread: +0.156% → −0.033%: $18.89
Slippage, 4 orders: −$189.99
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$821.94
Costs to cover: 2.120%
Break-even: never at this rate

Slippage from Bitget: live order book, 10 min ago; Kraken Futures: live order book, 15 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, 10 min ago	1.78 bp	22.7 bp −$23	88.3 bp −$883	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 15 min ago	45.01 bp	72.5 bp −$73	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	−0.4554%	4h	0.05622	+0.071%	$581K	$9.9M	25x	as long as short
Kraken Futures PF_ZETAUSDshort	−0.2894%	1h	0.05627	+0.156%	$52K	$679K	10x
Binance ZETAUSDT	−0.1648%	4h	0.05620	+0.036%	$7.6M	$318.3M	50x	as long as short
MEXC ZETA_USDT	−0.1612%	4h	0.05620	+0.036%	$1.2M	$11.9M	50x	as long as short
BloFin ZETA-USDT	−0.1576%	4h	0.05624	+0.107%	$365K	$1.0M	50x	as long as short
BingX ZETA-USDT	−0.1470%	4h	0.05614	−0.071%	—	$7.0M	—	as long as short
Hyperliquid ZETA	−0.1423%	1h	0.05607	−0.196%	$1.6M	$3.8M	3x	as long as short
KuCoin ZETAUSDTM	−0.1346%	4h	0.05606	−0.214%	$1.1M	$5.3M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1336%	4h	0.05620	+0.036%	$1.0M	$45.8M	20x	as long as short
Variational Omni ZETA	−0.1207%	4h	0.05636	+0.325%	$112K	$734K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+14.988%	$1K	$5K	5.5x	as long as short
Bybit ZETAUSDT	+0.0100%	4h	0.05607	−0.196%	$4.8M	$82.1M	25x	as long as short
Bitget ZETAUSDTlong	+0.0100%	4h	0.05618	long leg	$2.1M	$60.7M	50x