Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.2393%/8h= +262.0% APRpaid last 24h +0.437%

Price spread now: OKX against Kraken Futures+0.108%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1561.556% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.338%+$134 on $10k

Price spread, last 4 days (all we have)−0.621%−$62 · spread now +0.108%, 7d avg −0.021%

Together, before fees+0.717%+$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$72 a day on $10k at the current rate, and OKX is 0.129% dearer against Kraken Futures than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.338% in total (about 69.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZETAUSD	0.05746	−0.3019	get 0.0377% / 1h	16m 13s	$55K	$548K	10x
Short	OKX ZETA-USDT-SWAP	0.05752	−0.0626	pay 0.0313% / 4h	2h 16m	$1.1M	$35.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Kraken Futures. 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 Kraken FuturesbpFee OKXbpOrdersPrice spread, now +0.108%Rate

Funding earned: $502.47
Price spread: +0.108% → −0.021%: $12.89
Slippage, 4 orders: −$135.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $359.8
Costs to cover: 1.556%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 34 min ago; OKX: live order book, 6 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, 34 min ago	10.43 bp	36.8 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	2.61 bp	31.6 bp −$32	154.3 bp −$1,543	doesn't fit	doesn't fit

ZETA on 13 exchanges

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	−0.3019%	1h	0.05746	long leg	$55K	$548K	10x
Variational Omni ZETA	−0.1728%	4h	0.05744	−0.025%	$123K	$490K	—	as long as short
Bybit ZETAUSDT	−0.1360%	4h	0.05747	+0.021%	$4.7M	$68.4M	25x	as long as short
Gate ZETA_USDT	−0.1258%	4h	0.05755	+0.160%	$567K	$6.4M	25x	as long as short
BloFin ZETA-USDT	−0.0888%	4h	0.05731	−0.257%	$349K	$1.1M	50x	as long as short
MEXC ZETA_USDT	−0.0872%	4h	0.05748	+0.039%	$1.3M	$8.9M	50x	as long as short
Binance ZETAUSDT	−0.0867%	4h	0.05746	+0.004%	$7.2M	$253.2M	50x	as long as short
OKX ZETA-USDT-SWAPshort	−0.0626%	4h	0.05752	+0.108%	$1.1M	$35.6M	20x
KuCoin ZETAUSDTM	−0.0472%	4h	0.05759	+0.230%	$967K	$4.0M	20x	as long as short
Hyperliquid ZETA	−0.0148%	1h	0.05752	+0.108%	$1.6M	$2.9M	3x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+12.430%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05750	+0.073%	$2.4M	$50.7M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05750	+0.073%	—	$6.8M	—	as long as short