Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1726%/8h= −189.0% APRpaid last 24h −0.259%

Price spread now: Variational Omni against Injective−10.332%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$52 a day on $10k at the current rate, and Variational Omni is 10.332% cheaper against Injective than usual: you would sell low and buy high (−$1,033 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ZETA/USDC PERP	0.06460	0.0033	pay 0.0004% / 1h	32m 50s	$1K	$1K	5.5x
Short	Variational Omni ZETA	0.05793	−0.1693	pay 0.0846% / 4h	3h 32m	$119K	$575K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −10.332%Rate

Funding earned: −$362.43
Price spread: −10.332% → 0.000%: −$1,033.21
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1,395.66
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 1 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	6.05 bp	doesn't fit	111.5 bp −$1,115	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_ZETAUSD	−0.3712%	1h	0.05771	−10.671%	$55K	$601K	10x	as long as short
Bybit ZETAUSDT	−0.2369%	4h	0.05761	−10.820%	$4.7M	$77.1M	25x	as long as short
Gate ZETA_USDT	−0.2024%	4h	0.05763	−10.789%	$577K	$7.1M	25x	as long as short
Variational Omni ZETAshort	−0.1693%	4h	0.05793	−10.332%	$119K	$575K	—
Binance ZETAUSDT	−0.1057%	4h	0.05759	−10.851%	$7.4M	$287.4M	50x	as long as short
BloFin ZETA-USDT	−0.1055%	4h	0.05801	−10.201%	$358K	$1.2M	50x	as long as short
MEXC ZETA_USDT	−0.1046%	4h	0.05764	−10.774%	$1.2M	$9.8M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0733%	4h	0.05754	−10.929%	$1.1M	$40.1M	20x	as long as short
KuCoin ZETAUSDTM	−0.0628%	4h	0.05777	−10.573%	$961K	$4.4M	20x	as long as short
Hyperliquid ZETA	−0.0177%	1h	0.05754	−10.929%	$1.6M	$3.0M	3x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERPlong	+0.0033%	1h	0.06460	long leg	$1K	$1K	5.5x
Bitget ZETAUSDT	+0.0100%	4h	0.05763	−10.789%	$2.5M	$56.6M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05765	−10.759%	—	$7.2M	—	as long as short