Funding arb · Price arb /

ZETA

all ZETA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1574%/8h= −172.4% APRpaid last 24h −0.213%

Price spread now: Kraken Futures against Bybit+0.690%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$357as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$2182.183% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.387%−$139 on $10k

Price spread, last 3 days (all we have)−0.384%−$38 · spread now +0.690%, 7d avg +0.042%

Together, before fees−1.771%−$177 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.648% dearer against Bybit than usual: you sell high and buy low (spread +0.690% now, against its 7-day average of +0.042%): +$65 on $10k if it goes back. Holding the pair costs −$47 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−1.387% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZETAUSDT	0.05856	−0.1188	get 0.0594% / 4h	3h 35m	$5.2M	$84.2M	25x
Short	Kraken Futures PF_ZETAUSD	0.05896	−0.2762	pay 0.0345% / 1h	35m 56s	$49K	$706K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.690%Rate

Funding earned: −$330.63
Price spread: +0.690% → +0.042%: $64.82
Slippage, 4 orders: −$197.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$484.09
Costs to cover: 2.183%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 37 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 Bybit live order book, 3 min ago	1.73 bp	21.7 bp −$22	96.0 bp −$960	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 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
Kraken Futures PF_ZETAUSDshort	−0.2762%	1h	0.05896	+0.690%	$49K	$706K	10x
BloFin ZETA-USDT	−0.1840%	4h	0.05857	+0.017%	$368K	$1.1M	50x	as long as short
Binance ZETAUSDT	−0.1830%	4h	0.05879	+0.387%	$8.0M	$325.9M	50x	as long as short
MEXC ZETA_USDT	−0.1830%	4h	0.05878	+0.376%	$1.2M	$12.0M	50x	as long as short
Gate ZETA_USDT	−0.1822%	4h	0.05879	+0.393%	$578K	$10.0M	25x	as long as short
BingX ZETA-USDT	−0.1724%	4h	0.05885	+0.495%	—	$7.1M	—	as long as short
OKX ZETA-USDT-SWAP	−0.1672%	4h	0.05840	−0.273%	$1.1M	$49.2M	20x	as long as short
KuCoin ZETAUSDTM	−0.1552%	4h	0.05884	+0.478%	$1.1M	$5.4M	20x	as long as short
Variational Omni ZETA	−0.1308%	4h	0.05864	+0.138%	$108K	$746K	—	as long as short
Bybit ZETAUSDTlong	−0.1188%	4h	0.05856	long leg	$5.2M	$84.2M	25x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	−0.0611%	1h	0.05877	+0.359%	$1.7M	$3.9M	3x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+10.314%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05847	−0.154%	$2.1M	$62.4M	50x	as long as short