Funding arb · Price arb /

ZEREBRO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.078%

Price spread now: Bybit against Extended−0.265%7-day average −0.144% · you buy dearer than you sell

Net, funding: paid 7d − costs−$303as in the Funding arb table

Net, price: spread back to 7d avg − costs−$303as in the Price arb table

costs, in and out, $10k−$2912.913% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.265%, 7d avg −0.144%

Together, before fees−0.111%+ Points / potential airdropExtended: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.122% cheaper against Extended than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.144%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% 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	Extended ZEREBRO-USD	0.03429	0.0320	pay 0.0040% / 1h	16m 50s	$917	$154K	5x
Short	Bybit ZEREBROUSDT	0.03420	0.0100	get 0.0050% / 4h	16m 50s	$5.3M	$930K	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.265%Rate

Funding earned: −$46.2
Price spread: −0.265% → −0.144%: −$12.16
Slippage, 4 orders: −$275.3
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$349.66
Costs to cover: 2.913%
Break-even: never at this rate

Slippage from Extended: live order book, 39 min ago; Bybit: live order book, 1 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 Extended live order book, 39 min ago	4.55 bp	115.5 bp −$116	806.1 bp −$8,061	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.93 bp	51.2 bp −$51	208.6 bp −$2,086	doesn't fit	doesn't fit

ZEREBRO on 11 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_ZEREBROUSD	+0.0033%	1h	0.03423	−0.191%	$3K	$2K	10x	as long as short
KuCoin ZEREBROUSDTM	+0.0078%	4h	0.03424	−0.157%	$1.5M	$3.0M	10x	as long as short
Bybit ZEREBROUSDTshort	+0.0100%	4h	0.03420	−0.265%	$5.3M	$930K	13x
Gate ZEREBRO_USDT	+0.0100%	4h	0.03423	−0.189%	$459K	$24K	10x	as long as short
Variational Omni ZEREBRO	+0.0100%	4h	0.03419	−0.284%	$109K	$15K	—	as long as short
Binance ZEREBROUSDT	+0.0319%	4h	0.03428	−0.035%	$4.7M	$1.4M	10x	as long as short
Extended ZEREBRO-USDlong	+0.0320%	1h	0.03429	long leg	$917	$154K	5x
MEXC ZEREBRO_USDT	+0.0328%	4h	0.03429	+0.009%	$7.2M	$126K	50x	as long as short
BingX ZEREBRO-USDT	+0.0340%	4h	0.03423	−0.175%	—	$1.3M	—	as long as short
BloFin ZEREBRO-USDT	+0.0350%	4h	0.03424	−0.137%	$222K	$12K	10x	as long as short

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ZEREBROUSDT	+0.0357%	4h	0.03423	−0.183%	$384K	$19K	5x	as long as short