Funding arb · Price arb /

ZEREBRO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.069%

Price spread now: Bybit against Extended−0.058%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$314as in the Funding arb table

Net, price: spread back to 7d avg − costs−$291as in the Price arb table

costs, in and out, $10k−$3002.997% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now −0.058%, 7d avg −0.145%

Together, before fees−0.295%+ Points / potential airdropExtended: Active · farm board−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.087% dearer against Extended than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.145%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 7 days (−0.142% in total) that is about 4.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ZEREBRO-USD	0.03412	0.0336	pay 0.0042% / 1h	48m 58s	$14	$221K	5x
Short	Bybit ZEREBROUSDT	0.03410	0.0100	get 0.0050% / 4h	1h 48m	$5.3M	$733K	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$49.56
Price spread: −0.058% → −0.145%: $8.72
Slippage, 4 orders: −$283.73
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$340.57
Costs to cover: 2.997%
Break-even: never at this rate

Slippage from Extended: live order book, 60 min ago; Bybit: live order book, 2 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 Extended live order book, 60 min ago	4.41 bp	134.2 bp −$134	828.6 bp −$8,286	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.94 bp	45.2 bp −$45	203.6 bp −$2,036	doesn't fit	doesn't fit

ZEREBRO on 11 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
Bybit ZEREBROUSDTshort	+0.0100%	4h	0.03410	−0.058%	$5.3M	$733K	13x
Gate ZEREBRO_USDT	+0.0100%	4h	0.03408	−0.117%	$456K	$24K	10x	as long as short
KuCoin ZEREBROUSDTM	+0.0100%	4h	0.03409	−0.099%	$1.4M	$2.8M	10x	as long as short
Variational Omni ZEREBRO	+0.0100%	4h	0.03400	−0.362%	$106K	$8K	—	as long as short
Extended ZEREBRO-USDlong	+0.0336%	1h	0.03412	long leg	$14	$221K	5x
Binance ZEREBROUSDT	+0.0338%	4h	0.03415	+0.100%	$4.7M	$1.4M	10x	as long as short
MEXC ZEREBRO_USDT	+0.0340%	4h	0.03415	+0.089%	$7.2M	$133K	50x	as long as short
Aster ZEREBROUSDT	+0.0352%	4h	0.03414	+0.048%	$383K	$39K	5x	as long as short
BingX ZEREBRO-USDT	+0.0370%	4h	0.03408	−0.111%	—	$1.3M	—	as long as short
BloFin ZEREBRO-USDT	+0.0370%	4h	0.03411	−0.023%	$278K	$13K	10x	as long as short

Show all 11 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZEREBROUSD	+0.8653%	1h	0.03414	+0.059%	$3K	$4K	10x	as long as short