Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2120%/8h= +232.1% APRpaid last 24h +0.338%

Price spread now: Variational Omni against Kraken Futures−0.062%7-day average −0.097% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.316%+$32 on $10k

Price spread, last 4 days (all we have)−1.029%−$103 · spread now −0.062%, 7d avg −0.097%

Together, before fees−0.712%+ Points / potential airdropVariational Omni: Active · farm board−$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$64 a day on $10k at the current rate, and Variational Omni is 0.035% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.097%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.316% in total (about 31.4% 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	0.05806	−0.3689	get 0.0461% / 1h	49m 05s	$55K	$619K	10x
Short	Variational Omni ZETA	0.05803	−0.1569	pay 0.0784% / 4h	3h 49m	$119K	$612K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.062%Rate

Funding earned: $445.21
Price spread: −0.062% → −0.097%: $3.51
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $438.72
Costs to cover: 0.100%
Break-even: 0.1 days

Slippage unknown: Kraken Futures: live order book, 49 min ago; Variational Omni: RFQ quote, 50 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 Kraken Futures live order book, 49 min ago	48.55 bp	67.7 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 50 min ago	5.12 bp	doesn't fit	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
Kraken Futures PF_ZETAUSDlong	−0.3689%	1h	0.05806	long leg	$55K	$619K	10x
Variational Omni ZETAshort	−0.1569%	4h	0.05803	−0.062%	$119K	$612K	—
MEXC ZETA_USDT	−0.1038%	4h	0.05830	+0.411%	$1.2M	$9.8M	50x	as long as short
Binance ZETAUSDT	−0.1030%	4h	0.05836	+0.514%	$7.5M	$292.2M	50x	as long as short
BloFin ZETA-USDT	−0.1003%	4h	0.05817	+0.187%	$357K	$1.2M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0709%	4h	0.05837	+0.531%	$1.1M	$41.2M	20x	as long as short
Bybit ZETAUSDT	−0.0671%	4h	0.05836	+0.514%	$4.7M	$78.1M	25x	as long as short
KuCoin ZETAUSDTM	−0.0612%	4h	0.05829	+0.393%	$972K	$4.5M	20x	as long as short
Gate ZETA_USDT	−0.0524%	4h	0.05833	+0.462%	$587K	$7.1M	25x	as long as short
Hyperliquid ZETA	+0.0020%	1h	0.05831	+0.428%	$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	+11.261%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05832	+0.445%	$2.5M	$57.1M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05833	+0.462%	—	$7.3M	—	as long as short