Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2993%/8h= −327.8% APRpaid last 24h −0.404%

Price spread now: Kraken Futures against OKX+0.058%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$313as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1821.819% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.307%−$131 on $10k

Price spread, last 4 days (all we have)+0.933%+$93 · spread now +0.058%, 7d avg +0.020%

Together, before fees−0.374%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.038% dearer against OKX than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of +0.020%): +$4 on $10k if it goes back. Holding the pair costs −$90 a day in funding at the current rate, which eats that in about 1 hour. At the pace of the last 7 days (−1.307% in total) that is about 5 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.307% in total (about -68.1% 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	OKX ZETA-USDT-SWAP	0.05791	−0.0703	get 0.0352% / 4h	3h 36m	$1.1M	$40.5M	20x
Short	Kraken Futures PF_ZETAUSD	0.05794	−0.3696	pay 0.0462% / 1h	36m 11s	$56K	$611K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$628.61
Price spread: +0.058% → +0.020%: $3.78
Slippage, 4 orders: −$161.85
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$806.67
Costs to cover: 1.819%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Kraken Futures: live order book, 62 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 OKX live order book, 2 min ago	3.45 bp	23.8 bp −$24	141.0 bp −$1,410	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 62 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	−0.3696%	1h	0.05794	+0.058%	$56K	$611K	10x
Bybit ZETAUSDT	−0.2225%	4h	0.05795	+0.069%	$4.7M	$77.1M	25x	as long as short
Gate ZETA_USDT	−0.1928%	4h	0.05797	+0.104%	$581K	$7.1M	25x	as long as short
Variational Omni ZETA	−0.1615%	4h	0.05810	+0.320%	$120K	$585K	—	as long as short
Binance ZETAUSDT	−0.1054%	4h	0.05795	+0.069%	$7.5M	$288.2M	50x	as long as short
MEXC ZETA_USDT	−0.1054%	4h	0.05792	+0.017%	$1.2M	$9.8M	50x	as long as short
BloFin ZETA-USDT	−0.1042%	4h	0.05786	−0.086%	$357K	$1.2M	50x	as long as short
OKX ZETA-USDT-SWAPlong	−0.0703%	4h	0.05791	long leg	$1.1M	$40.5M	20x
KuCoin ZETAUSDTM	−0.0598%	4h	0.05792	+0.017%	$963K	$4.5M	20x	as long as short
Hyperliquid ZETA	−0.0105%	1h	0.05795	+0.069%	$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	+11.552%	$1K	$1K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05796	+0.086%	$2.5M	$56.7M	50x	as long as short
BingX ZETA-USDT	+0.0100%	4h	0.05792	+0.017%	—	$7.2M	—	as long as short