Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1344%/8h= +147.2% APRpaid last 24h +0.130%

Price spread now: Variational Omni against Kraken Futures−0.126%7-day average −0.124% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.225%+$23 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now −0.126%, 7d avg −0.124%

Together, before fees+0.065%+ Points / potential airdropVariational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.124%, so right now this pair is about funding alone: +$40 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.225% in total (about 24.4% 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	Kraken Futures PF_ZETAUSD	0.05787	−0.2814	get 0.0352% / 1h	0m 39s	$48K	$712K	10x
Short	Variational Omni ZETA	0.05780	−0.1470	pay 0.0735% / 4h	3h 00m	$107K	$749K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.126%Rate

Funding earned: $282.27
Price spread: −0.126% → −0.124%: −$0.13
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $272.14
Costs to cover: 0.100%
Break-even: 0.3 days

Slippage unknown: Kraken Futures: live order book, 7 min ago; Variational Omni: RFQ quote, 8 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 Kraken Futures live order book, 7 min ago	39.83 bp	49.4 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 8 min ago	7.69 bp	doesn't fit	64.1 bp −$641	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
Gate ZETA_USDT	−0.2832%	4h	0.05782	−0.091%	$593K	$10.2M	25x	as long as short
Kraken Futures PF_ZETAUSDlong	−0.2814%	1h	0.05787	long leg	$48K	$712K	10x
BloFin ZETA-USDT	−0.2070%	4h	0.05778	−0.160%	$388K	$1.2M	50x	as long as short
Binance ZETAUSDT	−0.2054%	4h	0.05784	−0.058%	$8.1M	$332.7M	50x	as long as short
MEXC ZETA_USDT	−0.2046%	4h	0.05784	−0.056%	$1.1M	$12.2M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.2001%	4h	0.05775	−0.212%	$1.1M	$49.7M	20x	as long as short
BingX ZETA-USDT	−0.1942%	4h	0.05775	−0.212%	—	$7.2M	—	as long as short
KuCoin ZETAUSDTM	−0.1920%	4h	0.05778	−0.160%	$1.2M	$5.5M	20x	as long as short
Variational Omni ZETAshort	−0.1470%	4h	0.05780	−0.126%	$107K	$749K	—
Bybit ZETAUSDT	−0.0994%	4h	0.05779	−0.143%	$5.0M	$85.9M	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETA	−0.0486%	1h	0.05779	−0.143%	$1.6M	$3.9M	3x	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+11.624%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05784	−0.056%	$2.2M	$64.1M	50x	as long as short