Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.3176%/8h= +347.8% APRpaid last 24h +0.349%

Price spread now: Gate against Kraken Futures+0.336%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$2082.081% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.325%+$132 on $10k

Price spread, last 4 days (all we have)−1.165%−$117 · spread now +0.336%, 7d avg +0.032%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$95 a day on $10k at the current rate, and Gate is 0.305% dearer against Kraken Futures than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.032%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.325% in total (about 69.1% 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	Kraken Futures PF_ZETAUSD	0.05798	−0.3694	get 0.0462% / 1h	50m 38s	$55K	$619K	10x
Short	Gate ZETA_USDT	0.05817	−0.0518	pay 0.0259% / 4h	3h 50m	$585K	$7.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.336%Rate

Funding earned: $667.05
Price spread: +0.336% → +0.032%: $30.46
Slippage, 4 orders: −$183.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $489.45
Costs to cover: 2.081%
Break-even: 1.9 days

Slippage from Kraken Futures: live order book, 47 min ago; Gate: 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, 47 min ago	48.55 bp	67.7 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	8.63 bp	37.0 bp −$37	312.9 bp −$3,129	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
Kraken Futures PF_ZETAUSDlong	−0.3694%	1h	0.05798	long leg	$55K	$619K	10x
Variational Omni ZETA	−0.1569%	4h	0.05803	+0.087%	$119K	$612K	—	as long as short
Binance ZETAUSDT	−0.1038%	4h	0.05812	+0.250%	$7.5M	$292.3M	50x	as long as short
MEXC ZETA_USDT	−0.1038%	4h	0.05812	+0.250%	$1.2M	$9.8M	50x	as long as short
BloFin ZETA-USDT	−0.0980%	4h	0.05799	+0.026%	$357K	$1.2M	50x	as long as short
Bybit ZETAUSDT	−0.0779%	4h	0.05815	+0.302%	$4.7M	$78.3M	25x	as long as short
OKX ZETA-USDT-SWAP	−0.0711%	4h	0.05809	+0.198%	$1.1M	$41.1M	20x	as long as short
KuCoin ZETAUSDTM	−0.0626%	4h	0.05817	+0.336%	$973K	$4.5M	20x	as long as short
Gate ZETA_USDTshort	−0.0518%	4h	0.05817	+0.336%	$585K	$7.1M	25x
Hyperliquid ZETA	+0.0019%	1h	0.05812	+0.250%	$1.6M	$3.1M	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 PERP	+0.0033%	1h	0.06460	+11.427%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05817	+0.336%	$2.5M	$57.1M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05816	+0.319%	—	$7.2M	—	as long as short