Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.076%

Price spread now: Hyperliquid against Bybit+0.067%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$940.943% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.067%, 7d avg −0.010%

Together, before fees−0.276%+ Points / potential airdropHyperliquid: Season 2 · farm board−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.077% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.274%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZETAUSDT	0.05998	0.0058	pay 0.0029% / 4h	2h 07m	$5.3M	$78.1M	25x
Short	Hyperliquid ZETA	0.06002	0.0100	get 0.0013% / 1h	7m 56s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.067%Rate

Funding earned: $8.79
Price spread: +0.067% → −0.010%: $7.68
Slippage, 4 orders: −$74.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.86
Costs to cover: 0.943%
Break-even: 69.0 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 4 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 Bybit live order book, 1 min ago	0.83 bp	24.3 bp −$24	97.1 bp −$971	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	3.33 bp	25.9 bp −$26	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	−0.0810%	4h	0.06005	+0.117%	$601K	$9.5M	25x	as long as short
KuCoin ZETAUSDTM	−0.0492%	4h	0.06014	+0.267%	$1.1M	$5.1M	20x	as long as short
BloFin ZETA-USDT	−0.0470%	4h	0.06027	+0.483%	$404K	$1.0M	50x	as long as short
Binance ZETAUSDT	−0.0442%	4h	0.06001	+0.042%	$8.3M	$303.1M	50x	as long as short
Kraken Futures PF_ZETAUSD	−0.0427%	1h	0.06019	+0.354%	$66K	$631K	10x	as long as short
MEXC ZETA_USDT	−0.0424%	4h	0.06000	+0.033%	$1.5M	$11.6M	50x	as long as short
BingX ZETA-USDT	−0.0386%	4h	0.06006	+0.133%	—	$6.7M	—	as long as short
OKX ZETA-USDT-SWAP	−0.0221%	4h	0.05996	−0.033%	$1.1M	$46.0M	20x	as long as short
Variational Omni ZETA	−0.0123%	4h	0.06005	+0.114%	$139K	$702K	—	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.703%	$1K	$5K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDTlong	+0.0058%	4h	0.05998	long leg	$5.3M	$78.1M	25x
Hyperliquid ZETAshort	+0.0100%	1h	0.06002	+0.067%	$1.7M	$3.7M	3x
Bitget ZETAUSDT	+0.0100%	4h	0.06006	+0.133%	$2.2M	$57.7M	50x	as long as short