Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0622%/8h= −68.1% APRpaid last 24h +0.268%

Price spread now: Bybit against Kraken Futures−0.481%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$257as in the Price arb table

costs, in and out, $10k−$2132.135% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.481%, 7d avg −0.041%

Together, before fees+1.591%+$159 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.440% cheaper against Kraken Futures than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of −0.041%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.452%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.05492	−0.2965	get 0.0371% / 1h	55m 56s	$52K	$680K	10x
Short	Bybit ZETAUSDT	0.05466	−0.3587	pay 0.1793% / 4h	3h 55m	$4.7M	$82.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.481%Rate

Funding earned: −$130.54
Price spread: −0.481% → −0.041%: −$43.96
Slippage, 4 orders: −$192.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$387.95
Costs to cover: 2.135%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 17 min ago; Bybit: live order book, 3 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, 17 min ago	45.01 bp	100.1 bp −$100	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.78 bp	24.3 bp −$24	105.7 bp −$1,057	doesn't fit	doesn't fit

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	−0.4556%	4h	0.05465	−0.499%	$547K	$9.9M	25x	as long as short
BingX ZETA-USDT	−0.3900%	4h	0.05475	−0.317%	—	$7.1M	—	as long as short
Bybit ZETAUSDTshort	−0.3587%	4h	0.05466	−0.481%	$4.7M	$82.5M	25x
Kraken Futures PF_ZETAUSDlong	−0.2965%	1h	0.05492	long leg	$52K	$680K	10x
Binance ZETAUSDT	−0.1677%	4h	0.05473	−0.357%	$7.4M	$319.7M	50x	as long as short
MEXC ZETA_USDT	−0.1676%	4h	0.05470	−0.408%	$1.1M	$11.9M	50x	as long as short
BloFin ZETA-USDT	−0.1650%	4h	0.05587	+1.722%	$362K	$1.0M	50x	as long as short
KuCoin ZETAUSDTM	−0.1418%	4h	0.05461	−0.572%	$1.1M	$5.3M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1369%	4h	0.05472	−0.372%	$1.0M	$45.0M	20x	as long as short
Variational Omni ZETA	−0.1299%	4h	0.05525	+0.589%	$111K	$734K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	−0.1221%	1h	0.05457	−0.645%	$1.5M	$3.8M	3x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+17.617%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05467	−0.463%	$2.0M	$60.9M	50x	as long as short