Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.3260%/8hpaid last 24h −0.250%

Price spread now: Kraken Futures against Bybit−0.228%7-day average +0.056% · you buy dearer than you sell

to open and close $10k−$170fees + slippage, both legs, in and out

costs, in % of the position1.701%what the two incomes have to cover

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.474%−$147 on $10k

Price spread, last 3 days (all we have)+0.534%+$53 · spread now −0.228%, 7d avg +0.056%

Together, before fees−0.940%−$94 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$98 a day on $10k at the current rate, and Kraken Futures is 0.284% cheaper against Bybit than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.056%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.474% in total (about -76.8% 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	Bybit ZETAUSDT	0.06149	0.0100	pay 0.0050% / 4h	51m 20s	$5.3M	$73.5M	25x
Short	Kraken Futures PF_ZETAUSD	0.06135	−0.3160	pay 0.0395% / 1h	51m 20s	$67K	$576K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now −0.228%Rate

Funding earned: −$684.7
Price spread: −0.228% → +0.056%: −$28.39
Slippage, 4 orders: −$149.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$883.22
Costs to cover: 1.701%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: 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 Bybit live order book, 2 min ago	3.28 bp	22.0 bp −$22	57.5 bp −$575	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	35.95 bp	70.8 bp −$71	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
Kraken Futures PF_ZETAUSDshort	−0.3160%	1h	0.06135	−0.228%	$67K	$576K	10x
KuCoin ZETAUSDTM	−0.0304%	4h	0.06135	−0.228%	$1.2M	$4.8M	20x	as long as short
Gate ZETA_USDT	−0.0138%	4h	0.06148	−0.016%	$631K	$9.2M	25x	as long as short
OKX ZETA-USDT-SWAP	−0.0105%	4h	0.06143	−0.098%	$1.1M	$45.5M	20x	as long as short
BingX ZETA-USDT	−0.0098%	4h	0.06147	−0.033%	—	$6.3M	—	as long as short
MEXC ZETA_USDT	−0.0072%	4h	0.06147	−0.033%	$1.7M	$11.0M	50x	as long as short
Binance ZETAUSDT	−0.0068%	4h	0.06149	0.000%	$8.6M	$285.3M	50x	as long as short
BloFin ZETA-USDT	−0.0038%	4h	0.06137	−0.195%	$433K	$904K	50x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+5.058%	$1K	$5K	5.5x	as long as short
Hyperliquid ZETA	+0.0100%	1h	0.06145	−0.065%	$1.8M	$3.5M	3x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDTlong	+0.0100%	4h	0.06149	long leg	$5.3M	$73.5M	25x
Bitget ZETAUSDT	+0.0100%	4h	0.06143	−0.098%	$2.1M	$54.9M	50x	as long as short
Variational Omni ZETA	+0.0100%	4h	0.06113	−0.584%	$145K	$688K	—	as long as short