Funding arb · Price arb /

ZEREBRO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.074%

Price spread now: Variational Omni against Extended+0.172%7-day average −0.189% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.091%−$9 on $10k

Price spread, last 4 days (all we have)+0.226%+$23 · spread now +0.172%, 7d avg −0.189%

Together, before fees+0.135%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.361% dearer against Extended than usual: you sell high and buy low (spread +0.172% now, against its 7-day average of −0.189%): +$36 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 3 days (−0.091% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.091% in total (about -9.7% 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	Extended ZEREBRO-USD	0.03426	0.0408	pay 0.0051% / 1h	54m 21s	$3K	$158K	5x
Short	Variational Omni ZEREBRO	0.03431	0.0100	get 0.0050% / 4h	1h 54m	$109K	$15K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.172%Rate

Funding earned: −$64.68
Price spread: +0.172% → −0.189%: $36.09
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.59
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 7 min ago; Variational Omni: RFQ quote, 10 min ago. Net counts fees only.

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, 7 min ago	4.38 bp	82.6 bp −$83	746.9 bp −$7,469	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 10 min ago	10.20 bp	doesn't fit	222.9 bp −$2,229	doesn't fit	doesn't fit

ZEREBRO on 10 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	−0.0116%	1h	0.03423	−0.066%	$3K	$2K	10x	as long as short
KuCoin ZEREBROUSDTM	+0.0038%	4h	0.03424	−0.037%	$1.5M	$2.9M	10x	as long as short
Bybit ZEREBROUSDT	+0.0100%	4h	0.03423	−0.086%	$5.3M	$908K	13x	as long as short
Gate ZEREBRO_USDT	+0.0100%	4h	0.03423	−0.083%	$462K	$23K	10x	as long as short
Variational Omni ZEREBROshort	+0.0100%	4h	0.03431	+0.172%	$109K	$15K	—
BingX ZEREBRO-USDT	+0.0386%	4h	0.03423	−0.075%	—	$1.3M	—	as long as short
MEXC ZEREBRO_USDT	+0.0404%	4h	0.03427	+0.051%	$7.1M	$124K	50x	as long as short
Binance ZEREBROUSDT	+0.0404%	4h	0.03426	+0.027%	$4.7M	$1.4M	10x	as long as short
Extended ZEREBRO-USDlong	+0.0408%	1h	0.03426	long leg	$3K	$158K	5x
Aster ZEREBROUSDT	+0.0443%	4h	0.03435	+0.283%	$385K	$20K	5x	as long as short