Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3101%/8h= −339.6% APRpaid last 24h −0.411%

Price spread now: Kraken Futures against KuCoin+0.233%52s7-day average −0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$408as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2772.767% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.311%−$131 on $10k

Price spread, last 4 days (all we have)+0.731%+$73 · spread now +0.233%, 7d avg −0.107%

Together, before fees−0.580%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.340% dearer against KuCoin than usual: you sell high and buy low (spread +0.233% now, against its 7-day average of −0.107%): +$34 on $10k if it goes back. Holding the pair costs −$93 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−1.311% in total) that is about 44 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.311% in total (about -68.3% 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	KuCoin ZETAUSDTM	0.05777	−0.0598	get 0.0299% / 4h	3h 34m	$961K	$4.5M	20x
Short	Kraken Futures PF_ZETAUSD	0.05790	−0.3699	pay 0.0462% / 1h	34m 23s	$56K	$609K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.233%Rate

Funding earned: −$651.2
Price spread: +0.233% → −0.107%: $33.99
Slippage, 4 orders: −$254.75
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$893.95
Costs to cover: 2.767%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 64 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 KuCoin live order book, 3 min ago	11.22 bp	76.3 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 64 min ago	48.55 bp	65.6 bp −$66	doesn't fit	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_ZETAUSDshort	−0.3699%	1h	0.05790	+0.233%	$56K	$609K	10x
Bybit ZETAUSDT	−0.2202%	4h	0.05775	−0.035%	$4.7M	$77.1M	25x	as long as short
Gate ZETA_USDT	−0.1876%	4h	0.05773	−0.069%	$579K	$7.1M	25x	as long as short
Variational Omni ZETA	−0.1693%	4h	0.05793	+0.269%	$119K	$575K	—	as long as short
BloFin ZETA-USDT	−0.1092%	4h	0.05801	+0.415%	$358K	$1.2M	50x	as long as short
MEXC ZETA_USDT	−0.1048%	4h	0.05769	−0.138%	$1.2M	$9.8M	50x	as long as short
Binance ZETAUSDT	−0.1047%	4h	0.05766	−0.185%	$7.4M	$287.8M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0715%	4h	0.05772	−0.087%	$1.1M	$40.3M	20x	as long as short
KuCoin ZETAUSDTMlong	−0.0598%	4h	0.05777	long leg	$961K	$4.5M	20x
Hyperliquid ZETA	−0.0140%	1h	0.05766	−0.190%	$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 PERP	+0.0033%	1h	0.06460	+11.823%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05772	−0.087%	$2.5M	$56.6M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05771	−0.104%	—	$7.2M	—	as long as short