Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2112%/8h= +231.2% APRpaid last 24h +0.289%

Price spread now: Gate against Kraken Futures−0.108%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$258as in the Price arb table

costs, in and out, $10k−$2452.448% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.318%+$132 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now −0.108%, 7d avg +0.022%

Together, before fees+1.225%+$122 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.130% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of +0.022%). If the spread goes back, that is −$13 on $10k: about 5 hours of funding at the current rate (+$63 a day). At the pace of the last 7 days (+1.318% in total) that is about 17 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.318% in total (about 68.7% 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	Kraken Futures PF_ZETAUSD	0.05936	−0.2806	get 0.0351% / 1h	46m 53s	$53K	$726K	10x
Short	Gate ZETA_USDT	0.05930	−0.0694	pay 0.0347% / 4h	2h 46m	$655K	$9.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now −0.108%Rate

Funding earned: $443.43
Price spread: −0.108% → +0.022%: −$12.99
Slippage, 4 orders: −$219.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $185.62
Costs to cover: 2.448%
Break-even: 4.1 days

Slippage from Kraken Futures: live order book, 1 min ago; Gate: live order book, 2 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, 1 min ago	49.84 bp	63.0 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	7.60 bp	55.4 bp −$55	398.7 bp −$3,987	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_ZETAUSDlong	−0.2806%	1h	0.05936	long leg	$53K	$726K	10x
Variational Omni ZETA	−0.1195%	4h	0.05936	+0.001%	$112K	$695K	—	as long as short
Bybit ZETAUSDT	−0.1136%	4h	0.05933	−0.057%	$5.1M	$90.0M	25x	as long as short
Gate ZETA_USDTshort	−0.0694%	4h	0.05930	−0.108%	$655K	$9.5M	25x
BloFin ZETA-USDT	−0.0534%	4h	0.05930	−0.108%	$400K	$1.3M	50x	as long as short
Binance ZETAUSDT	−0.0519%	4h	0.05935	−0.021%	$8.1M	$344.7M	50x	as long as short
MEXC ZETA_USDT	−0.0518%	4h	0.05935	−0.023%	$1.2M	$11.9M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0504%	4h	0.05936	−0.006%	$1.2M	$50.2M	20x	as long as short
KuCoin ZETAUSDTM	−0.0414%	4h	0.05929	−0.124%	$1.2M	$5.4M	20x	as long as short
Hyperliquid ZETA	−0.0168%	1h	0.05933	−0.057%	$1.7M	$3.6M	3x	as long as short

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	+8.820%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05941	+0.078%	$2.3M	$66.6M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05935	−0.023%	—	$7.8M	—	as long as short