Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0162%/8h= +17.8% APRpaid last 24h +0.143%

Price spread now: Hyperliquid against Variational Omni−0.817%7-day average +0.063% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.150%+$15 on $10k

Price spread, last 3 days (all we have)+0.791%+$79 · spread now −0.817%, 7d avg +0.063%

Together, before fees+0.941%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$94 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.880% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.817% now, against its 7-day average of +0.063%). If the spread goes back, that is −$88 on $10k: about 18 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZETA	0.06035	−0.0062	get 0.0031% / 4h	2h 24m	$142K	$695K	—
Short	Hyperliquid ZETA	0.05986	0.0100	get 0.0013% / 1h	24m 13s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now −0.817%Rate

Funding earned: $34.05
Price spread: −0.817% → +0.063%: −$88.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$62.96
Costs to cover: 0.090%
Break-even: 19.9 days

Slippage unknown: Variational Omni: RFQ quote, 64 min ago; Hyperliquid: live order book, 7 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 Variational Omni RFQ quote, 64 min ago	4.85 bp	doesn't fit	84.1 bp −$841	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	4.16 bp	31.1 bp −$31	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
Gate ZETA_USDT	−0.0630%	4h	0.05992	−0.717%	$600K	$9.4M	25x	as long as short
KuCoin ZETAUSDTM	−0.0494%	4h	0.05997	−0.634%	$1.1M	$5.1M	20x	as long as short
Kraken Futures PF_ZETAUSD	−0.0428%	1h	0.06007	−0.464%	$66K	$630K	10x	as long as short
Binance ZETAUSDT	−0.0260%	4h	0.05996	−0.656%	$8.3M	$301.8M	50x	as long as short
MEXC ZETA_USDT	−0.0240%	4h	0.05999	−0.601%	$1.5M	$11.5M	50x	as long as short
BingX ZETA-USDT	−0.0232%	4h	0.05981	−0.900%	—	$6.7M	—	as long as short
BloFin ZETA-USDT	−0.0228%	4h	0.06012	−0.386%	$402K	$1.0M	50x	as long as short
OKX ZETA-USDT-SWAP	−0.0152%	4h	0.05975	−0.999%	$1.1M	$45.7M	20x	as long as short
Variational Omni ZETAlong	−0.0062%	4h	0.06035	long leg	$142K	$695K	—
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.037%	$1K	$5K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZETAUSDT	+0.0067%	4h	0.05979	−0.933%	$5.3M	$77.8M	25x	as long as short
Hyperliquid ZETAshort	+0.0100%	1h	0.05986	−0.817%	$1.7M	$3.7M	3x
Bitget ZETAUSDT	+0.0100%	4h	0.05988	−0.784%	$2.2M	$57.5M	50x	as long as short