Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0782%/8h= +85.6% APRpaid last 24h +0.258%

Price spread now: BingX against Kraken Futures+0.057%7-day average −0.017% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$192as in the Price arb table

costs, in and out, $10k−$2001.998% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.347%+$135 on $10k

Price spread, last 4 days (all we have)−0.455%−$46 · spread now +0.057%, 7d avg −0.017%

Together, before fees+0.892%+$89 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and BingX is 0.074% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.05949	−0.0682	get 0.0085% / 1h	29m 28s	$48K	$729K	10x
Short	BingX ZETA-USDT	0.05952	0.0100	get 0.0050% / 4h	3h 29m	—	$8.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.057%Rate

Funding earned: $164.23
Price spread: +0.057% → −0.017%: $7.37
Slippage, 4 orders: −$179.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$28.24
Costs to cover: 1.998%
Break-even: 8.2 days

Slippage from Kraken Futures: live order book, 24 min ago; BingX: live order book, 9 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 Kraken Futures live order book, 24 min ago	53.22 bp	79.8 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	4.22 bp	17.7 bp −$18	50.1 bp −$501	311.3 bp −$31.1K	773.4 bp −$386.7K

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
Variational Omni ZETA	−0.0937%	4h	0.05934	−0.247%	$112K	$730K	—	as long as short
Gate ZETA_USDT	−0.0732%	4h	0.05946	−0.044%	$601K	$10.0M	25x	as long as short
Kraken Futures PF_ZETAUSDlong	−0.0682%	1h	0.05949	long leg	$48K	$729K	10x
KuCoin ZETAUSDTM	−0.0650%	4h	0.05946	−0.044%	$1.2M	$5.7M	20x	as long as short
Bybit ZETAUSDT	−0.0614%	4h	0.05928	−0.347%	$5.0M	$93.6M	25x	as long as short
OKX ZETA-USDT-SWAP	−0.0593%	4h	0.05930	−0.313%	$1.2M	$53.4M	20x	as long as short
MEXC ZETA_USDT	−0.0500%	4h	0.05943	−0.095%	$1.2M	$12.9M	50x	as long as short
Binance ZETAUSDT	−0.0492%	4h	0.05949	+0.006%	$8.1M	$360.3M	50x	as long as short
BloFin ZETA-USDT	−0.0487%	4h	0.05940	−0.145%	$394K	$1.4M	50x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+8.597%	$1K	$1K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	+0.0100%	1h	0.05945	−0.061%	$1.7M	$3.8M	3x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05938	−0.179%	$2.3M	$69.9M	50x	as long as short
BingX ZETA-USDTshort	+0.0100%	4h	0.05952	+0.057%	—	$8.0M	—