Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.3146%/8h= −344.5% APRpaid last 24h −0.472%

Price spread now: Kraken Futures against BingX−0.434%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$304as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$1681.680% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.356%−$136 on $10k

Price spread, last 4 days (all we have)+0.713%+$71 · spread now −0.434%, 7d avg +0.011%

Together, before fees−0.643%−$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$94 a day on $10k at the current rate, and Kraken Futures is 0.445% cheaper against BingX than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.356% in total (about -70.7% 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	BingX ZETA-USDT	0.05874	0.0100	pay 0.0050% / 4h	55m 42s	—	$7.4M	—
Short	Kraken Futures PF_ZETAUSD	0.05849	−0.3046	pay 0.0381% / 1h	55m 42s	$52K	$669K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now −0.434%Rate

Funding earned: −$660.7
Price spread: −0.434% → +0.011%: −$44.47
Slippage, 4 orders: −$148
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$873.17
Costs to cover: 1.680%
Break-even: never at this rate

Slippage from BingX: live order book, 12 min ago; Kraken Futures: live order book, 47 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 BingX live order book, 12 min ago	4.26 bp	20.6 bp −$21	71.5 bp −$715	462.5 bp −$46.3K	752.9 bp −$376.5K
Sell Kraken Futures live order book, 47 min ago	34.93 bp	74.4 bp −$74	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
Kraken Futures PF_ZETAUSDshort	−0.3046%	1h	0.05849	−0.434%	$52K	$669K	10x
Variational Omni ZETA	−0.1629%	4h	0.05841	−0.555%	$120K	$663K	—	as long as short
Gate ZETA_USDT	−0.1412%	4h	0.05874	0.000%	$619K	$8.1M	25x	as long as short
Bybit ZETAUSDT	−0.1204%	4h	0.05855	−0.323%	$4.9M	$80.8M	25x	as long as short
Binance ZETAUSDT	−0.1157%	4h	0.05878	+0.068%	$7.8M	$304.5M	50x	as long as short
MEXC ZETA_USDT	−0.1156%	4h	0.05854	−0.340%	$1.2M	$10.2M	50x	as long as short
BloFin ZETA-USDT	−0.1128%	4h	0.05836	−0.647%	$374K	$1.2M	50x	as long as short
KuCoin ZETAUSDTM	−0.0872%	4h	0.05854	−0.340%	$1.0M	$4.7M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.0819%	4h	0.05860	−0.238%	$1.2M	$43.4M	20x	as long as short
Hyperliquid ZETA	−0.0300%	1h	0.05851	−0.392%	$1.6M	$3.2M	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	+9.976%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05878	+0.068%	$2.4M	$58.8M	50x	as long as short
BingX ZETA-USDTlong	+0.0100%	4h	0.05874	long leg	—	$7.4M	—