Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1401%/8h= −153.4% APRpaid last 24h −0.184%

Price spread now: Gate against Injective−8.839%99s7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 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 −$42 a day on $10k at the current rate, and Gate is 8.839% cheaper against Injective than usual: you would sell low and buy high (−$884 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.164% in total (about -8.5% 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	45m 31s	$1K	$1K	5.5x
Short	Gate ZETA_USDT	0.05889	−0.1368	pay 0.0684% / 4h	45m 31s	$619K	$8.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −8.839%Rate

Funding earned: −$294.28
Price spread: −8.839% → 0.000%: −$883.9
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,193.2
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	7.61 bp	37.6 bp −$38	337.0 bp −$3,370	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	−0.3022%	1h	0.05895	−8.740%	$53K	$649K	10x	as long as short
Variational Omni ZETA	−0.1660%	4h	0.05892	−8.787%	$122K	$662K	—	as long as short
Gate ZETA_USDTshort	−0.1368%	4h	0.05889	−8.839%	$619K	$8.1M	25x
Bybit ZETAUSDT	−0.1189%	4h	0.05883	−8.932%	$4.9M	$80.4M	25x	as long as short
Binance ZETAUSDT	−0.1178%	4h	0.05885	−8.901%	$7.8M	$302.7M	50x	as long as short
MEXC ZETA_USDT	−0.1166%	4h	0.05884	−8.916%	$1.3M	$10.2M	50x	as long as short
BloFin ZETA-USDT	−0.1138%	4h	0.05911	−8.498%	$376K	$1.2M	50x	as long as short
KuCoin ZETAUSDTM	−0.0844%	4h	0.05887	−8.870%	$1.0M	$4.6M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.0836%	4h	0.05886	−8.885%	$1.2M	$43.3M	20x	as long as short
Hyperliquid ZETA	−0.0631%	1h	0.05877	−9.025%	$1.6M	$3.2M	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	0.05890	−8.824%	$2.4M	$58.5M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05884	−8.916%	—	$7.4M	—	as long as short