Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0972%/8h= −106.5% APRpaid last 24h −0.196%

Price spread now: Variational Omni against Hyperliquid−0.051%7-day average −0.069% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.200%−$20 on $10k

Price spread, last 3 days (all we have)+0.085%+$8 · spread now −0.051%, 7d avg −0.069%

Together, before fees−0.115%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: −$29 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.200% in total (about -21.7% 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	Hyperliquid ZETA	0.05838	−0.0594	get 0.0074% / 1h	19m 48s	$1.6M	$3.9M	3x
Short	Variational Omni ZETA	0.05835	−0.1566	pay 0.0783% / 4h	3h 19m	$109K	$748K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.051%Rate

Funding earned: −$204.19
Price spread: −0.051% → −0.069%: $1.81
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$211.37
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; Variational Omni: RFQ quote, 54 min ago. Net counts fees only.

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, 2 min ago	5.14 bp	33.5 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 54 min ago	7.20 bp	doesn't fit	61.2 bp −$612	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	−0.2922%	4h	0.05835	−0.051%	$599K	$10.1M	25x	as long as short
Kraken Futures PF_ZETAUSD	−0.2771%	1h	0.05878	+0.691%	$48K	$712K	10x	as long as short
BingX ZETA-USDT	−0.2240%	4h	0.05841	+0.051%	—	$7.2M	—	as long as short
BloFin ZETA-USDT	−0.2117%	4h	0.05831	−0.120%	$384K	$1.1M	50x	as long as short
MEXC ZETA_USDT	−0.2070%	4h	0.05831	−0.120%	$1.2M	$12.1M	50x	as long as short
Binance ZETAUSDT	−0.2070%	4h	0.05820	−0.308%	$8.0M	$330.0M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.1965%	4h	0.05831	−0.120%	$1.1M	$49.8M	20x	as long as short
Bybit ZETAUSDT	−0.1964%	4h	0.05825	−0.223%	$5.1M	$85.3M	25x	as long as short
KuCoin ZETAUSDTM	−0.1730%	4h	0.05848	+0.171%	$1.2M	$5.5M	20x	as long as short
Variational Omni ZETAshort	−0.1566%	4h	0.05835	−0.051%	$109K	$748K	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETAlong	−0.0594%	1h	0.05838	long leg	$1.6M	$3.9M	3x
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+10.654%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05835	−0.051%	$2.2M	$63.4M	50x	as long as short