Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0987%/8h= −108.1% APRpaid last 24h −0.209%

Price spread now: Bybit against Injective−10.310%58s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 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 −$30 a day on $10k at the current rate, and Bybit is 10.310% cheaper against Injective than usual: you would sell low and buy high (−$1,031 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% 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	54m 24s	$1K	$5K	5.5x
Short	Bybit ZETAUSDT	0.05794	−0.0953	pay 0.0477% / 4h	1h 54m	$5.2M	$89.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −10.310%Rate

Funding earned: −$207.23
Price spread: −10.310% → 0.000%: −$1,030.96
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$1,249.21
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	3.45 bp	21.4 bp −$21	64.7 bp −$647	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 12 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
KuCoin ZETAUSDTM	−0.2052%	4h	0.05782	−10.495%	$1.1M	$5.6M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1956%	4h	0.05789	−10.387%	$1.1M	$51.9M	20x	as long as short
BingX ZETA-USDT	−0.1884%	4h	0.05789	−10.387%	—	$7.5M	—	as long as short
Binance ZETAUSDT	−0.1822%	4h	0.05791	−10.356%	$8.0M	$346.6M	50x	as long as short
MEXC ZETA_USDT	−0.1820%	4h	0.05792	−10.341%	$1.1M	$12.3M	50x	as long as short
Kraken Futures PF_ZETAUSD	−0.1780%	1h	0.05782	−10.501%	$48K	$719K	10x	as long as short
Gate ZETA_USDT	−0.1752%	4h	0.05796	−10.279%	$589K	$10.6M	25x	as long as short
Variational Omni ZETA	−0.1490%	4h	0.05800	−10.216%	$113K	$758K	—	as long as short
Bybit ZETAUSDTshort	−0.0953%	4h	0.05794	−10.310%	$5.2M	$89.5M	25x
Hyperliquid ZETA	−0.0619%	1h	0.05779	−10.542%	$1.6M	$4.0M	3x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERPlong	+0.0033%	1h	0.06460	long leg	$1K	$5K	5.5x
Bitget ZETAUSDT	+0.0100%	4h	0.05796	−10.279%	$2.3M	$66.7M	50x	as long as short