Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.1225%/8h= +134.1% APRpaid last 24h +0.468%

Price spread now: MEXC against Kraken Futures−0.976%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$222as in the Price arb table

costs, in and out, $10k−$1231.228% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+1.439%+$144 on $10k

Price spread, last 4 days (all we have)+0.533%+$53 · spread now −0.976%, 7d avg +0.013%

Together, before fees+1.971%+$197 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.988% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.976% now, against its 7-day average of +0.013%). If the spread goes back, that is −$99 on $10k: about 2.7 days of funding at the current rate (+$37 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.05646	−0.2103	get 0.0263% / 1h	43m 32s	$54K	$524K	10x
Short	MEXC ZETA_USDT	0.05591	−0.0878	pay 0.0439% / 4h	1h 43m	$1.2M	$7.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.976%Rate

Funding earned: $257.18
Price spread: −0.976% → +0.013%: −$98.83
Slippage, 4 orders: −$108.76
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $35.59
Costs to cover: 1.228%
Break-even: 6.0 days

Slippage from Kraken Futures: live order book, 2 min ago; MEXC: 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, 2 min ago	19.44 bp	44.9 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.88 bp	7.6 bp −$8	55.6 bp −$556	117.9 bp −$11.8K	doesn't fit

ZETA on 13 exchanges

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	−0.2103%	1h	0.05646	long leg	$54K	$524K	10x
Variational Omni ZETA	−0.1537%	4h	0.05665	+0.327%	$121K	$430K	—	as long as short
Bybit ZETAUSDT	−0.0925%	4h	0.05575	−1.259%	$4.4M	$66.2M	25x	as long as short
BloFin ZETA-USDT	−0.0917%	4h	0.05647	+0.016%	$336K	$1.1M	50x	as long as short
Binance ZETAUSDT	−0.0879%	4h	0.05579	−1.185%	$6.8M	$244.5M	50x	as long as short
MEXC ZETA_USDTshort	−0.0878%	4h	0.05591	−0.976%	$1.2M	$7.9M	50x
Gate ZETA_USDT	−0.0814%	4h	0.05594	−0.922%	$541K	$6.0M	25x	as long as short
OKX ZETA-USDT-SWAP	−0.0536%	4h	0.05566	−1.418%	$987K	$33.6M	20x	as long as short
Hyperliquid ZETA	−0.0471%	1h	0.05593	−0.940%	$1.5M	$2.8M	3x	as long as short
KuCoin ZETAUSDTM	−0.0438%	4h	0.05586	−1.064%	$934K	$3.8M	20x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZETAUSDT	+0.0016%	4h	0.05583	−1.117%	$2.2M	$49.3M	50x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+14.416%	$1K	$1K	5.5x	as long as short
BingX ZETA-USDT	+0.0082%	4h	0.05578	−1.206%	—	$6.6M	—	as long as short