Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.2099%/8h= −229.8% APRpaid last 24h −0.455%

Price spread now: Kraken Futures against BloFin+0.066%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$270as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$1281.276% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.428%−$143 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now +0.066%, 7d avg +0.071%

Together, before fees−1.305%−$130 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.071%, so right now this pair is about funding alone: −$63 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.428% in total (about -74.5% 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	BloFin ZETA-USDT	0.05738	−0.0922	get 0.0461% / 4h	2h 15m	$347K	$1.1M	50x
Short	Kraken Futures PF_ZETAUSD	0.05742	−0.3021	pay 0.0378% / 1h	15m 04s	$55K	$546K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$440.79
Price spread: +0.066% → +0.071%: −$0.5
Slippage, 4 orders: −$105.63
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$568.92
Costs to cover: 1.276%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Kraken Futures: live order book, 36 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 BloFin live order book, 5 min ago	1.75 bp	19.8 bp −$20	72.1 bp −$721	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 36 min ago	10.43 bp	58.5 bp −$58	doesn't fit	doesn't fit	doesn't fit

ZETA on 13 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
Kraken Futures PF_ZETAUSDshort	−0.3021%	1h	0.05742	+0.066%	$55K	$546K	10x
Variational Omni ZETA	−0.1727%	4h	0.05741	+0.057%	$123K	$486K	—	as long as short
Bybit ZETAUSDT	−0.1315%	4h	0.05740	+0.035%	$4.7M	$68.4M	25x	as long as short
Gate ZETA_USDT	−0.1234%	4h	0.05752	+0.244%	$567K	$6.4M	25x	as long as short
BloFin ZETA-USDTlong	−0.0922%	4h	0.05738	long leg	$347K	$1.1M	50x
Binance ZETAUSDT	−0.0869%	4h	0.05743	+0.079%	$7.2M	$252.7M	50x	as long as short
MEXC ZETA_USDT	−0.0866%	4h	0.05743	+0.087%	$1.3M	$8.9M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0616%	4h	0.05742	+0.070%	$1.1M	$35.5M	20x	as long as short
KuCoin ZETAUSDTM	−0.0472%	4h	0.05752	+0.244%	$965K	$3.9M	20x	as long as short
Hyperliquid ZETA	−0.0141%	1h	0.05746	+0.139%	$1.6M	$2.9M	3x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+12.583%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05741	+0.052%	$2.4M	$50.7M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05742	+0.070%	—	$6.8M	—	as long as short