Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0884%/8h= −96.8% APRpaid last 24h −0.117%

Price spread now: BloFin against Injective−7.074%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and BloFin is 7.074% cheaper against Injective than usual: you would sell low and buy high (−$707 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% 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	Injective ZETA/USDC PERP	0.06460	0.0033	pay 0.0004% / 1h	42m 19s	$1K	$5K	5.5x
Short	BloFin ZETA-USDT	0.06003	−0.0851	pay 0.0425% / 4h	42m 19s	$415K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −7.074%Rate

Funding earned: −$185.7
Price spread: −7.074% → 0.000%: −$707.43
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$905.15
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 5 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	3.34 bp	20.2 bp −$20	51.8 bp −$518	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1386%	4h	0.05983	−7.384%	$626K	$9.5M	25x	as long as short
Binance ZETAUSDT	−0.0887%	4h	0.05986	−7.334%	$8.5M	$308.7M	50x	as long as short
MEXC ZETA_USDT	−0.0886%	4h	0.05986	−7.337%	$1.4M	$11.7M	50x	as long as short
BloFin ZETA-USDTshort	−0.0851%	4h	0.06003	−7.074%	$415K	$1.0M	50x
BingX ZETA-USDT	−0.0832%	4h	0.05975	−7.508%	—	$6.8M	—	as long as short
OKX ZETA-USDT-SWAP	−0.0820%	4h	0.05978	−7.461%	$1.2M	$46.7M	20x	as long as short
Variational Omni ZETA	−0.0662%	4h	0.05990	−7.279%	$137K	$712K	—	as long as short
KuCoin ZETAUSDTM	−0.0642%	4h	0.05991	−7.260%	$1.1M	$5.2M	20x	as long as short
Bybit ZETAUSDT	−0.0434%	4h	0.05970	−7.585%	$5.3M	$79.4M	25x	as long as short
Hyperliquid ZETA	−0.0275%	1h	0.05985	−7.353%	$1.7M	$3.8M	3x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZETAUSD	−0.0187%	1h	0.05983	−7.390%	$68K	$645K	10x	as long as short
Injective ZETA/USDC PERPlong	+0.0033%	1h	0.06460	long leg	$1K	$5K	5.5x
Bitget ZETAUSDT	+0.0100%	4h	0.05982	−7.399%	$2.3M	$58.5M	50x	as long as short