Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1792%/8h= −196.2% APRpaid last 24h −0.170%

Price spread now: OKX against Hyperliquid+0.017%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$900.903% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now +0.017%, 7d avg +0.015%

Together, before fees+0.268%+ Points / potential airdropHyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$54 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.151%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.151% in total (about 7.9% 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	Hyperliquid ZETA	0.05836	−0.0122	get 0.0015% / 1h	45m 52s	$1.6M	$3.9M	3x
Short	OKX ZETA-USDT-SWAP	0.05837	−0.1914	pay 0.0957% / 4h	2h 45m	$1.1M	$50.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. 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 HyperliquidbpFee OKXbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$376.36
Price spread: +0.017% → +0.015%: $0.26
Slippage, 4 orders: −$71.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$466.43
Costs to cover: 0.903%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; OKX: live order book, 3 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 Hyperliquid live order book, 6 min ago	5.20 bp	30.6 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.35 bp	22.7 bp −$23	67.6 bp −$676	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
MEXC ZETA_USDT	−0.1950%	4h	0.05836	0.000%	$1.1M	$12.2M	50x	as long as short
Binance ZETAUSDT	−0.1942%	4h	0.05843	+0.120%	$8.1M	$335.6M	50x	as long as short
BloFin ZETA-USDT	−0.1933%	4h	0.05766	−1.199%	$379K	$1.2M	50x	as long as short
OKX ZETA-USDT-SWAPshort	−0.1914%	4h	0.05837	+0.017%	$1.1M	$50.6M	20x
Gate ZETA_USDT	−0.1904%	4h	0.05828	−0.137%	$614K	$10.3M	25x	as long as short
BingX ZETA-USDT	−0.1902%	4h	0.05840	+0.069%	—	$7.3M	—	as long as short
KuCoin ZETAUSDTM	−0.1892%	4h	0.05816	−0.343%	$1.2M	$5.6M	20x	as long as short
Variational Omni ZETA	−0.1326%	4h	0.05798	−0.658%	$107K	$750K	—	as long as short
Kraken Futures PF_ZETAUSD	−0.0975%	1h	0.05797	−0.660%	$48K	$713K	10x	as long as short
Bybit ZETAUSDT	−0.0503%	4h	0.05834	−0.034%	$5.1M	$86.4M	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETAlong	−0.0122%	1h	0.05836	long leg	$1.6M	$3.9M	3x
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+10.692%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05840	+0.069%	$2.2M	$64.7M	50x	as long as short