Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0588%/8h= −64.4% APRpaid last 24h −0.173%

Price spread now: BloFin against Injective−7.879%7-day average — · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and BloFin is 7.879% cheaper against Injective than usual: you would sell low and buy high (−$788 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% 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	Injective ZETA/USDC PERP	0.06460	0.0033	pay 0.0004% / 1h	35m 59s	$1K	$1K	5.5x
Short	BloFin ZETA-USDT	0.05951	−0.0555	pay 0.0278% / 4h	2h 35m	$399K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −7.879%Rate

Funding earned: −$123.58
Price spread: −7.879% → 0.000%: −$787.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$923.53
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 1 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 1 min ago	4.20 bp	21.9 bp −$22	101.5 bp −$1,015	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_ZETAUSD	−0.2805%	1h	0.05937	−8.088%	$56K	$722K	10x	as long as short
Bybit ZETAUSDT	−0.2176%	4h	0.05962	−7.709%	$5.1M	$89.8M	25x	as long as short
Variational Omni ZETA	−0.1365%	4h	0.05949	−7.909%	$112K	$691K	—	as long as short
Gate ZETA_USDT	−0.1256%	4h	0.05955	−7.817%	$654K	$9.5M	25x	as long as short
KuCoin ZETAUSDTM	−0.0560%	4h	0.05959	−7.755%	$1.2M	$5.3M	20x	as long as short
BloFin ZETA-USDTshort	−0.0555%	4h	0.05951	−7.879%	$399K	$1.3M	50x
Binance ZETAUSDT	−0.0547%	4h	0.05960	−7.740%	$8.2M	$342.9M	50x	as long as short
MEXC ZETA_USDT	−0.0532%	4h	0.05965	−7.663%	$1.2M	$11.9M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0496%	4h	0.05956	−7.802%	$1.2M	$50.2M	20x	as long as short
Hyperliquid ZETA	−0.0241%	1h	0.05946	−7.957%	$1.7M	$3.6M	3x	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 PERPlong	+0.0033%	1h	0.06460	long leg	$1K	$1K	5.5x
Bitget ZETAUSDT	+0.0100%	4h	0.05964	−7.678%	$2.3M	$66.4M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05956	−7.802%	—	$7.8M	—	as long as short