Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.1268%/8h= +138.8% APRpaid last 24h +0.470%

Price spread now: BloFin against Kraken Futures+0.253%57s7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1371.367% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.452%+$145 on $10k

Price spread, last 4 days (all we have)−0.442%−$44 · spread now +0.253%, 7d avg −0.071%

Together, before fees+1.010%+$101 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and BloFin is 0.324% dearer against Kraken Futures than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.071%. The two prices were read 57 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	Kraken Futures PF_ZETAUSD	0.05691	−0.2086	get 0.0261% / 1h	51m 38s	$55K	$526K	10x
Short	BloFin ZETA-USDT	0.05705	−0.0818	pay 0.0409% / 4h	1h 51m	$340K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now +0.253%Rate

Funding earned: $266.28
Price spread: +0.253% → −0.071%: $32.37
Slippage, 4 orders: −$114.68
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $161.96
Costs to cover: 1.367%
Break-even: 2.7 days

Slippage from Kraken Futures: live order book, 59 min ago; BloFin: live order book, 4 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, 59 min ago	10.43 bp	36.8 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.76 bp	21.6 bp −$22	51.4 bp −$514	doesn't fit	doesn't fit

ZETA on 13 exchanges

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_ZETAUSDlong	−0.2086%	1h	0.05691	long leg	$55K	$526K	10x
Variational Omni ZETA	−0.1545%	4h	0.05692	+0.016%	$122K	$435K	—	as long as short
Bybit ZETAUSDT	−0.0925%	4h	0.05694	+0.059%	$4.6M	$66.6M	25x	as long as short
MEXC ZETA_USDT	−0.0842%	4h	0.05691	+0.007%	$1.3M	$7.9M	50x	as long as short
Gate ZETA_USDT	−0.0838%	4h	0.05696	+0.094%	$557K	$6.0M	25x	as long as short
Binance ZETAUSDT	−0.0837%	4h	0.05689	−0.031%	$7.1M	$245.6M	50x	as long as short
BloFin ZETA-USDTshort	−0.0818%	4h	0.05705	+0.253%	$340K	$1.1M	50x
OKX ZETA-USDT-SWAP	−0.0517%	4h	0.05683	−0.134%	$1.0M	$34.3M	20x	as long as short
KuCoin ZETAUSDTM	−0.0414%	4h	0.05696	+0.094%	$949K	$3.8M	20x	as long as short
Hyperliquid ZETA	−0.0323%	1h	0.05689	−0.029%	$1.5M	$2.8M	3x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+13.520%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05687	−0.064%	$2.3M	$49.4M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05694	+0.059%	—	$6.7M	—	as long as short