Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.018%

Price spread now: Bitget against ApeX Omni−0.300%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on ApeX Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 3 days (all we have)−0.353%−$35 · spread now −0.300%, 7d avg −0.051%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.250% cheaper against ApeX Omni than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.067%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ZENUSDT	7.6550	0.0100	pay 0.0013% / 1h	56m 46s	$27K	$683K	50x
Short	Bitget ZENUSDT	7.6320	0.0037	get 0.0037% / 8h	2h 56m	$2.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against ApeX Omni. 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 ApeX OmnibpFee BitgetbpOrdersPrice spread, now −0.300%Rate

Funding earned: −$13.23
Price spread: −0.300% → −0.051%: −$24.97
Slippage, 4 orders: −$39.02
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$99.22
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 31 min ago; Bitget: live order book, 1 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 ApeX Omni live order book, 31 min ago	5.20 bp	14.5 bp −$14	107.5 bp −$1,075	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.97 bp	18.7 bp −$19	31.6 bp −$316	doesn't fit	doesn't fit

ZEN on 17 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
Variational Omni ZEN	−0.0172%	8h	7.6546	−0.005%	$51K	$232K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0034%	4h	7.6210	−0.444%	$2.3M	$6.6M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6354	−0.256%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0011%	8h	7.6290	−0.340%	$4.3M	$5.4M	50x	as long as short
MEXC ZEN_USDT	+0.0013%	8h	7.6300	−0.327%	$12.0M	$6.0M	200x	as long as short
Binance ZENUSDT	+0.0013%	8h	7.6240	−0.405%	$10.9M	$34.4M	75x	as long as short
Extended ZEN-USD	+0.0016%	1h	7.6251	−0.391%	$25K	$110K	5x	as long as short
Bitget ZENUSDTshort	+0.0037%	8h	7.6320	−0.300%	$2.8M	$3.7M	50x
BloFin ZEN-USDT	+0.0053%	8h	7.6250	−0.392%	$838K	$2.0M	75x	as long as short
Aster ZENUSDT	+0.0057%	8h	7.6335	−0.280%	$54K	$388K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZEN	+0.0100%	1h	7.6482	−0.089%	$2.4M	$2.4M	5x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6220	−0.431%	$4.5M	$7.6M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6240	−0.405%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6460	−0.118%	$577K	$1.6M	10x	as long as short
ApeX Omni ZENUSDTlong	+0.0100%	1h	7.6550	long leg	$27K	$683K	50x
SunX ZEN-USDT	+0.0100%	8h	7.6260	−0.379%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1138%	1h	7.6440	−0.143%	$492K	$1.1M	25x	as long as short