Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0354%/8h= +38.7% APRpaid last 24h −0.076%

Price spread now: Bybit against Hyperliquid−0.083%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$920.923% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.083%, 7d avg +0.010%

Together, before fees+0.292%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of +0.010%). If the spread goes back, that is −$9 on $10k: about 21 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.274% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZETA	0.06009	−0.0431	get 0.0054% / 1h	55m 41s	$1.7M	$3.7M	3x
Short	Bybit ZETAUSDT	0.06004	−0.0078	pay 0.0039% / 4h	1h 55m	$5.3M	$78.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.083%Rate

Funding earned: $74.27
Price spread: −0.083% → +0.010%: −$9.33
Slippage, 4 orders: −$72.31
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.37
Costs to cover: 0.923%
Break-even: 9.6 days

Slippage from Hyperliquid: live order book, 6 min ago; Bybit: live order book, 3 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, 6 min ago	1.67 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.67 bp	20.1 bp −$20	77.8 bp −$778	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	−0.0926%	4h	0.06010	+0.017%	$600K	$9.5M	25x	as long as short
BloFin ZETA-USDT	−0.0633%	4h	0.05991	−0.300%	$403K	$1.0M	50x	as long as short
Binance ZETAUSDT	−0.0586%	4h	0.06013	+0.067%	$8.3M	$303.8M	50x	as long as short
MEXC ZETA_USDT	−0.0586%	4h	0.06009	0.000%	$1.5M	$11.6M	50x	as long as short
KuCoin ZETAUSDTM	−0.0566%	4h	0.06015	+0.100%	$1.2M	$5.1M	20x	as long as short
BingX ZETA-USDT	−0.0514%	4h	0.06011	+0.033%	—	$6.7M	—	as long as short
Hyperliquid ZETAlong	−0.0431%	1h	0.06009	long leg	$1.7M	$3.7M	3x
OKX ZETA-USDT-SWAP	−0.0348%	4h	0.06007	−0.033%	$1.1M	$46.2M	20x	as long as short
Kraken Futures PF_ZETAUSD	−0.0265%	1h	0.06023	+0.225%	$66K	$631K	10x	as long as short
Variational Omni ZETA	−0.0209%	4h	0.05991	−0.296%	$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 ZETAUSDTshort	−0.0078%	4h	0.06004	−0.083%	$5.3M	$78.3M	25x
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.505%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06021	+0.200%	$2.2M	$57.8M	50x	as long as short