Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1615%/8h= −176.8% APRpaid last 24h −0.293%

Price spread now: Variational Omni against Injective−10.269%46s7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Variational Omni is 10.269% cheaper against Injective than usual: you would sell low and buy high (−$1,027 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

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	14m 39s	$1K	$5K	5.5x
Short	Variational Omni ZETA	0.05797	−0.1582	pay 0.0791% / 4h	3h 14m	$108K	$748K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −10.269%Rate

Funding earned: −$339.14
Price spread: −10.269% → 0.000%: −$1,026.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1,366.09
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 59 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 Variational Omni RFQ quote, 59 min ago	7.20 bp	doesn't fit	61.2 bp −$612	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
Gate ZETA_USDT	−0.3044%	4h	0.05834	−9.690%	$595K	$10.2M	25x	as long as short
Kraken Futures PF_ZETAUSD	−0.2791%	1h	0.05835	−9.670%	$48K	$712K	10x	as long as short
MEXC ZETA_USDT	−0.2064%	4h	0.05840	−9.598%	$1.2M	$12.1M	50x	as long as short
Binance ZETAUSDT	−0.2054%	4h	0.05826	−9.809%	$8.0M	$330.8M	50x	as long as short
BloFin ZETA-USDT	−0.2013%	4h	0.05823	−9.861%	$393K	$1.1M	50x	as long as short
BingX ZETA-USDT	−0.1966%	4h	0.05837	−9.644%	—	$7.2M	—	as long as short
OKX ZETA-USDT-SWAP	−0.1952%	4h	0.05813	−10.015%	$1.1M	$49.8M	20x	as long as short
Bybit ZETAUSDT	−0.1897%	4h	0.05820	−9.907%	$5.0M	$85.5M	25x	as long as short
KuCoin ZETAUSDTM	−0.1812%	4h	0.05814	−10.000%	$1.2M	$5.5M	20x	as long as short
Variational Omni ZETAshort	−0.1582%	4h	0.05797	−10.269%	$108K	$748K	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	−0.0537%	1h	0.05817	−9.954%	$1.6M	$3.9M	3x	as long as short
Injective ZETA/USDC PERPlong	+0.0033%	1h	0.06460	long leg	$1K	$5K	5.5x
Bitget ZETAUSDT	+0.0100%	4h	0.05840	−9.598%	$2.2M	$63.6M	50x	as long as short