Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.154%

Price spread now: OKX against Kraken Futures−0.264%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$253as in the Price arb table

costs, in and out, $10k−$2292.294% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.283%+$128 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.264%, 7d avg −0.029%

Together, before fees+1.194%+$119 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.235% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.264% now, against its 7-day average of −0.029%). If the spread goes back, that is −$23 on $10k: about 41 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+1.283% 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	0.05920	−0.0685	get 0.0086% / 1h	39m 51s	$49K	$729K	10x
Short	OKX ZETA-USDT-SWAP	0.05904	−0.0666	pay 0.0333% / 4h	3h 39m	$1.2M	$53.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.264%Rate

Funding earned: $4.02
Price spread: −0.264% → −0.029%: −$23.49
Slippage, 4 orders: −$209.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$248.83
Costs to cover: 2.294%
Break-even: 439.8 days

Slippage from Kraken Futures: live order book, 13 min ago; OKX: live order book, 4 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, 13 min ago	53.22 bp	79.8 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.39 bp	35.4 bp −$35	132.3 bp −$1,323	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
Variational Omni ZETA	−0.0808%	4h	0.05911	−0.147%	$112K	$748K	—	as long as short
KuCoin ZETAUSDTM	−0.0754%	4h	0.05928	+0.141%	$1.2M	$5.8M	20x	as long as short
Kraken Futures PF_ZETAUSDlong	−0.0685%	1h	0.05920	long leg	$49K	$729K	10x
OKX ZETA-USDT-SWAPshort	−0.0666%	4h	0.05904	−0.264%	$1.2M	$53.8M	20x
MEXC ZETA_USDT	−0.0542%	4h	0.05921	+0.023%	$1.2M	$12.9M	50x	as long as short
Binance ZETAUSDT	−0.0518%	4h	0.05921	+0.016%	$8.0M	$363.9M	50x	as long as short
BloFin ZETA-USDT	−0.0488%	4h	0.05920	+0.006%	$390K	$1.4M	50x	as long as short
Gate ZETA_USDT	−0.0318%	4h	0.05912	−0.129%	$596K	$10.0M	25x	as long as short
Bybit ZETAUSDT	−0.0131%	4h	0.05911	−0.146%	$4.9M	$94.3M	25x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+9.128%	$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	0.05913	−0.112%	$1.6M	$3.8M	3x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05906	−0.230%	$2.3M	$70.6M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05911	−0.146%	—	$8.0M	—	as long as short