Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1302%/8h= +142.6% APRpaid last 24h +0.248%

Price spread now: Bybit against Kraken Futures−1.202%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$393as in the Price arb table

costs, in and out, $10k−$2762.761% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.398%+$140 on $10k

Price spread, last 4 days (all we have)+0.635%+$63 · spread now −1.202%, 7d avg −0.033%

Together, before fees+2.033%+$203 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 1.168% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −1.202% now, against its 7-day average of −0.033%). If the spread goes back, that is −$117 on $10k: about 3.0 days of funding at the current rate (+$39 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.06468	−0.2169	get 0.0271% / 1h	38m 45s	$51K	$733K	10x
Short	Bybit ZETAUSDT	0.06390	−0.0867	pay 0.0433% / 4h	38m 45s	$5.7M	$96.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −1.202%Rate

Funding earned: $273.43
Price spread: −1.202% → −0.033%: −$116.84
Slippage, 4 orders: −$255.12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$119.54
Costs to cover: 2.761%
Break-even: 10.1 days

Slippage from Kraken Futures: live order book, 19 min ago; Bybit: live order book, 5 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 Kraken Futures live order book, 19 min ago	81.89 bp	88.3 bp −$88	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.70 bp	35.0 bp −$35	117.0 bp −$1,170	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_ZETAUSDlong	−0.2169%	1h	0.06468	long leg	$51K	$733K	10x
KuCoin ZETAUSDTM	−0.1486%	4h	0.06391	−1.186%	$1.2M	$6.0M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1438%	4h	0.06402	−1.016%	$1.4M	$61.8M	20x	as long as short
Variational Omni ZETA	−0.1388%	4h	0.06436	−0.486%	$125K	$777K	—	as long as short
BloFin ZETA-USDT	−0.1198%	4h	0.06432	−0.552%	$458K	$1.5M	50x	as long as short
MEXC ZETA_USDT	−0.1188%	4h	0.06398	−1.078%	$1.3M	$12.9M	50x	as long as short
Binance ZETAUSDT	−0.1165%	4h	0.06405	−0.970%	$9.4M	$373.5M	50x	as long as short
Gate ZETA_USDT	−0.1034%	4h	0.06437	−0.475%	$684K	$11.0M	25x	as long as short
Bybit ZETAUSDTshort	−0.0867%	4h	0.06390	−1.202%	$5.7M	$96.4M	25x
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	−0.119%	$1K	$3K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	+0.0084%	1h	0.06413	−0.846%	$1.8M	$4.2M	3x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06400	−1.047%	$2.4M	$72.8M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.06400	−1.047%	—	$8.0M	—	as long as short