Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1858%/8h= −203.5% APRpaid last 24h −0.339%

Price spread now: Kraken Futures against Bitget+0.748%48s7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$315as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1671.670% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.483%−$148 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now +0.748%, 7d avg −0.044%

Together, before fees−1.294%−$129 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.791% dearer against Bitget than usual: you sell high and buy low (spread +0.748% now, against its 7-day average of −0.044%): +$79 on $10k if it goes back. Holding the pair costs −$56 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−1.483% in total) that is about 3.7 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZETAUSDT	0.05809	0.0100	pay 0.0050% / 4h	1h 28m	$2.3M	$67.2M	50x
Short	Kraken Futures PF_ZETAUSD	0.05852	−0.1758	pay 0.0220% / 1h	28m 33s	$48K	$719K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.748%Rate

Funding earned: −$390.28
Price spread: +0.748% → −0.044%: $79.15
Slippage, 4 orders: −$145
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$478.14
Costs to cover: 1.670%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Kraken Futures: live order book, 35 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 Bitget live order book, 5 min ago	3.45 bp	24.0 bp −$24	93.2 bp −$932	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	36.10 bp	75.5 bp −$75	doesn't fit	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
KuCoin ZETAUSDTM	−0.2094%	4h	0.05834	+0.430%	$1.1M	$5.7M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1951%	4h	0.05802	−0.121%	$1.1M	$52.3M	20x	as long as short
BloFin ZETA-USDT	−0.1870%	4h	0.05850	+0.706%	$387K	$1.2M	50x	as long as short
BingX ZETA-USDT	−0.1854%	4h	0.05826	+0.293%	—	$7.6M	—	as long as short
Binance ZETAUSDT	−0.1828%	4h	0.05813	+0.067%	$8.0M	$348.9M	50x	as long as short
MEXC ZETA_USDT	−0.1824%	4h	0.05823	+0.241%	$1.0M	$12.4M	50x	as long as short
Kraken Futures PF_ZETAUSDshort	−0.1758%	1h	0.05852	+0.748%	$48K	$719K	10x
Hyperliquid ZETA	−0.1745%	1h	0.05802	−0.121%	$1.6M	$4.0M	3x	as long as short
Gate ZETA_USDT	−0.1740%	4h	0.05844	+0.603%	$586K	$10.6M	25x	as long as short
Variational Omni ZETA	−0.1639%	4h	0.05833	+0.410%	$114K	$759K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDT	−0.1235%	4h	0.05806	−0.052%	$5.2M	$90.2M	25x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+11.207%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDTlong	+0.0100%	4h	0.05809	long leg	$2.3M	$67.2M	50x