Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1096%/8h= +120.0% APRpaid last 24h +0.354%

Price spread now: Kraken Futures against Bitget+0.330%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1671.668% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.140%+$114 on $10k

Price spread, last 3 days (all we have)−0.368%−$37 · spread now +0.330%, 7d avg +0.185%

Together, before fees+0.773%+$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Kraken Futures is 0.145% dearer against Bitget than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.185%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZENUSDT	7.6450	0.0038	pay 0.0038% / 8h	2h 35m	$2.8M	$3.5M	50x
Short	Kraken Futures PF_ZENUSD	7.6702	0.1134	get 0.0142% / 1h	35m 41s	$494K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.330%Rate

Funding earned: $230.21
Price spread: +0.330% → +0.185%: $14.5
Slippage, 4 orders: −$144.82
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $77.9
Costs to cover: 1.668%
Break-even: 4.6 days

Slippage from Bitget: live order book, 2 min ago; Kraken Futures: live order book, 3 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 Bitget live order book, 2 min ago	2.61 bp	18.0 bp −$18	29.7 bp −$297	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	43.66 bp	50.7 bp −$51	159.5 bp −$1,595	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	−0.0142%	8h	7.6510	+0.079%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0047%	4h	7.6490	+0.052%	$2.3M	$6.0M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6593	+0.188%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0016%	1h	7.6521	+0.093%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0018%	8h	7.6520	+0.092%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0021%	8h	7.6540	+0.118%	$11.0M	$32.8M	75x	as long as short
KuCoin ZENUSDTM	+0.0024%	8h	7.6590	+0.183%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDTlong	+0.0038%	8h	7.6450	long leg	$2.8M	$3.5M	50x
BloFin ZEN-USDT	+0.0067%	8h	7.6680	+0.301%	$836K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0068%	8h	7.6533	+0.108%	$54K	$381K	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	7.6692	+0.317%	$2.4M	$1.9M	5x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6500	+0.065%	$4.6M	$7.1M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6540	+0.118%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6526	+0.099%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6530	+0.105%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6600	+0.196%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSDshort	+0.1134%	1h	7.6702	+0.330%	$494K	$1.1M	25x