Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.060%

Price spread now: BingX against Hyperliquid+0.055%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1231.225% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$24 on $10k

Price spread, last 7 days−0.084%−$8 · spread now +0.055%, 7d avg +0.019%

Together, before fees+0.151%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.036% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of +0.019%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours. Mind the row above: over the last 7 days funding on this pair paid +0.235%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZETA	0.05433	0.0086	pay 0.0011% / 1h	48m 16s	$1.4M	$2.8M	3x
Short	BingX ZETA-USDT	0.05436	−0.0198	pay 0.0099% / 4h	48m 16s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$59.66
Price spread: +0.055% → +0.019%: $3.61
Slippage, 4 orders: −$103.52
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$178.57
Costs to cover: 1.225%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; BingX: live order book, 11 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 Hyperliquid live order book, 6 min ago	5.50 bp	47.8 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	3.61 bp	19.9 bp −$20	59.5 bp −$595	311.4 bp −$31.1K	685.8 bp −$342.9K

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_ZETAUSD	−0.3220%	1h	0.05437	+0.075%	$53K	$493K	10x	as long as short
Variational Omni ZETA	−0.1586%	4h	0.05473	+0.737%	$117K	$393K	—	as long as short
BloFin ZETA-USDT	−0.1083%	4h	0.05400	−0.607%	$317K	$971K	50x	as long as short
Binance ZETAUSDT	−0.1038%	4h	0.05438	+0.083%	$6.6M	$236.1M	50x	as long as short
MEXC ZETA_USDT	−0.1028%	4h	0.05433	0.000%	$1.0M	$7.2M	50x	as long as short
Bybit ZETAUSDT	−0.0989%	4h	0.05440	+0.129%	$4.3M	$63.8M	25x	as long as short
Gate ZETA_USDT	−0.0978%	4h	0.05442	+0.166%	$504K	$5.9M	25x	as long as short
OKX ZETA-USDT-SWAP	−0.0681%	4h	0.05438	+0.092%	$999K	$31.3M	20x	as long as short
KuCoin ZETAUSDTM	−0.0640%	4h	0.05430	−0.055%	$799K	$3.5M	20x	as long as short
Bitget ZETAUSDT	−0.0292%	4h	0.05435	+0.037%	$2.0M	$47.5M	50x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZETA-USDTshort	−0.0198%	4h	0.05436	+0.055%	—	$6.5M	—
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+18.903%	$1K	$1K	5.5x	as long as short
Hyperliquid ZETAlong	+0.0086%	1h	0.05433	long leg	$1.4M	$2.8M	3x