Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0255%/8h= +27.9% APRpaid last 24h +0.237%

Price spread now: Binance against Kraken Futures−0.256%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2052.051% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.381%+$138 on $10k

Price spread, last 4 days (all we have)−0.207%−$21 · spread now −0.256%, 7d avg −0.002%

Together, before fees+1.174%+$117 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.254% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.256% now, against its 7-day average of −0.002%). If the spread goes back, that is −$25 on $10k: about 3.3 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+1.381% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.06030	−0.0673	get 0.0084% / 1h	5m 56s	$54K	$736K	10x
Short	Binance ZETAUSDT	0.06015	−0.0418	pay 0.0209% / 4h	3h 05m	$8.3M	$351.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.256%Rate

Funding earned: $53.49
Price spread: −0.256% → −0.002%: −$25.36
Slippage, 4 orders: −$185.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$176.92
Costs to cover: 2.051%
Break-even: 30.2 days

Slippage from Kraken Futures: live order book, 47 min ago; Binance: live order book, 8 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 Kraken Futures live order book, 47 min ago	53.22 bp	79.8 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.84 bp	23.5 bp −$23	104.5 bp −$1,045	430.3 bp −$43.0K	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
Bybit ZETAUSDT	−0.1077%	4h	0.06014	−0.273%	$5.2M	$91.3M	25x	as long as short
Variational Omni ZETA	−0.1039%	4h	0.06030	0.000%	$114K	$702K	—	as long as short
Gate ZETA_USDT	−0.0812%	4h	0.06026	−0.074%	$665K	$10.2M	25x	as long as short
Kraken Futures PF_ZETAUSDlong	−0.0673%	1h	0.06030	long leg	$54K	$736K	10x
OKX ZETA-USDT-SWAP	−0.0536%	4h	0.06017	−0.223%	$1.2M	$52.0M	20x	as long as short
KuCoin ZETAUSDTM	−0.0490%	4h	0.06024	−0.107%	$1.2M	$5.5M	20x	as long as short
MEXC ZETA_USDT	−0.0426%	4h	0.06015	−0.256%	$1.2M	$13.0M	50x	as long as short
Binance ZETAUSDTshort	−0.0418%	4h	0.06015	−0.256%	$8.3M	$351.0M	50x
BloFin ZETA-USDT	−0.0368%	4h	0.06062	+0.523%	$403K	$1.4M	50x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.123%	$1K	$1K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	+0.0100%	1h	0.06015	−0.256%	$1.7M	$3.6M	3x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06018	−0.206%	$2.3M	$67.8M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.06015	−0.256%	—	$7.9M	—	as long as short