Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0281%/8h= −30.8% APRpaid last 24h −0.059%

Price spread now: BingX against Hyperliquid−0.132%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$800.803% of the position

Long on Hyperliquid Short on BingX

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+0.114%+$11 · spread now −0.132%, 7d avg +0.022%

Together, before fees+0.357%+ Points / potential airdropHyperliquid: Season 2 · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and BingX is 0.154% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.022%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.243%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZETA	0.06045	−0.0267	get 0.0033% / 1h	54m 37s	$1.7M	$3.7M	3x
Short	BingX ZETA-USDT	0.06037	−0.0548	pay 0.0274% / 4h	1h 54m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$59.01
Price spread: −0.132% → +0.022%: −$15.45
Slippage, 4 orders: −$61.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$154.72
Costs to cover: 0.803%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; BingX: live order book, 13 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 Hyperliquid live order book, 7 min ago	1.67 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	2.50 bp	18.0 bp −$18	46.9 bp −$469	286.4 bp −$28.6K	679.8 bp −$339.9K

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	−0.0904%	4h	0.06039	−0.099%	$604K	$9.5M	25x	as long as short
MEXC ZETA_USDT	−0.0586%	4h	0.06043	−0.033%	$1.5M	$11.6M	50x	as long as short
BloFin ZETA-USDT	−0.0585%	4h	0.06027	−0.298%	$403K	$1.0M	50x	as long as short
Binance ZETAUSDT	−0.0582%	4h	0.06048	+0.048%	$8.4M	$303.9M	50x	as long as short
KuCoin ZETAUSDTM	−0.0556%	4h	0.06040	−0.083%	$1.2M	$5.1M	20x	as long as short
BingX ZETA-USDTshort	−0.0548%	4h	0.06037	−0.132%	—	$6.7M	—
OKX ZETA-USDT-SWAP	−0.0359%	4h	0.06032	−0.215%	$1.1M	$46.4M	20x	as long as short
Hyperliquid ZETAlong	−0.0267%	1h	0.06045	long leg	$1.7M	$3.7M	3x
Kraken Futures PF_ZETAUSD	−0.0264%	1h	0.06035	−0.173%	$66K	$631K	10x	as long as short
Variational Omni ZETA	−0.0259%	4h	0.06007	−0.629%	$139K	$703K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDT	−0.0051%	4h	0.06044	−0.017%	$5.3M	$78.3M	25x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+6.865%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06048	+0.050%	$2.2M	$57.8M	50x	as long as short