Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0398%/8h= +43.6% APRpaid last 24h +0.141%

Price spread now: Hyperliquid against Variational Omni+0.314%7-day average +0.069% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.148%+$15 on $10k

Price spread, last 3 days (all we have)−0.349%−$35 · spread now +0.314%, 7d avg +0.069%

Together, before fees−0.201%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.244% dearer against Variational Omni than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZETA	0.05953	−0.0660	get 0.0330% / 4h	35m 15s	$137K	$712K	—
Short	Hyperliquid ZETA	0.05972	−0.0262	pay 0.0033% / 1h	35m 15s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.314%Rate

Funding earned: $83.68
Price spread: +0.314% → +0.069%: $24.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $99.13
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 44 min ago; Hyperliquid: live order book, 6 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 Variational Omni RFQ quote, 44 min ago	5.00 bp	doesn't fit	93.3 bp −$933	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	2.51 bp	23.7 bp −$24	doesn't fit	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	−0.1434%	4h	0.05976	+0.381%	$626K	$9.5M	25x	as long as short
Binance ZETAUSDT	−0.0926%	4h	0.05966	+0.216%	$8.5M	$309.1M	50x	as long as short
MEXC ZETA_USDT	−0.0914%	4h	0.05967	+0.230%	$1.5M	$11.7M	50x	as long as short
BloFin ZETA-USDT	−0.0894%	4h	0.05961	+0.129%	$413K	$1.0M	50x	as long as short
BingX ZETA-USDT	−0.0864%	4h	0.05967	+0.230%	—	$6.8M	—	as long as short
OKX ZETA-USDT-SWAP	−0.0864%	4h	0.05958	+0.079%	$1.2M	$46.6M	20x	as long as short
KuCoin ZETAUSDTM	−0.0674%	4h	0.05969	+0.263%	$1.1M	$5.2M	20x	as long as short
Variational Omni ZETAlong	−0.0660%	4h	0.05953	long leg	$137K	$712K	—
Bybit ZETAUSDT	−0.0411%	4h	0.05957	+0.062%	$5.2M	$79.5M	25x	as long as short
Hyperliquid ZETAshort	−0.0262%	1h	0.05972	+0.314%	$1.7M	$3.7M	3x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZETAUSD	−0.0188%	1h	0.05963	+0.167%	$68K	$645K	10x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+8.511%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05968	+0.247%	$2.3M	$58.6M	50x	as long as short