Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.107%

Price spread now: BloFin against Hyperliquid+0.153%87s7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1031.029% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.256%+$26 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now +0.153%, 7d avg −0.047%

Together, before fees+0.318%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.200% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.153% now, against its 7-day average of −0.047%): +$20 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.256%, so the current rate has only just turned against you. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZETA	0.05882	−0.0323	get 0.0040% / 1h	27m 35s	$1.6M	$3.7M	3x
Short	BloFin ZETA-USDT	0.05891	−0.0504	pay 0.0252% / 4h	2h 27m	$385K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$37.98
Price spread: +0.153% → −0.047%: $19.99
Slippage, 4 orders: −$81.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$120.86
Costs to cover: 1.029%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; BloFin: live order book, 5 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, 4 min ago	4.23 bp	27.8 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	5.91 bp	24.9 bp −$25	48.3 bp −$483	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_ZETAUSD	−0.2826%	1h	0.05893	+0.180%	$54K	$723K	10x	as long as short
Bybit ZETAUSDT	−0.2032%	4h	0.05885	+0.051%	$5.0M	$89.3M	25x	as long as short
Variational Omni ZETA	−0.1419%	4h	0.05903	+0.350%	$111K	$689K	—	as long as short
Gate ZETA_USDT	−0.1304%	4h	0.05886	+0.068%	$645K	$9.5M	25x	as long as short
KuCoin ZETAUSDTM	−0.0592%	4h	0.05889	+0.119%	$1.2M	$5.3M	20x	as long as short
Binance ZETAUSDT	−0.0573%	4h	0.05888	+0.102%	$7.9M	$339.4M	50x	as long as short
MEXC ZETA_USDT	−0.0572%	4h	0.05882	0.000%	$1.2M	$11.9M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0537%	4h	0.05882	0.000%	$1.2M	$49.2M	20x	as long as short
BloFin ZETA-USDTshort	−0.0504%	4h	0.05891	+0.153%	$385K	$1.3M	50x
Hyperliquid ZETAlong	−0.0323%	1h	0.05882	long leg	$1.6M	$3.7M	3x

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	+9.827%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05881	−0.017%	$2.3M	$65.8M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05886	+0.068%	—	$7.7M	—	as long as short