Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1476%/8h= +161.7% APRpaid last 24h +0.468%

Price spread now: Kraken Futures against BloFin+0.031%7-day average +0.217% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1431.429% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.272%+$127 on $10k

Price spread, last 4 days (all we have)−0.301%−$30 · spread now +0.031%, 7d avg +0.217%

Together, before fees+0.971%+$97 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.187% cheaper against BloFin than usual: you would sell low and buy high (spread +0.031% now, against its 7-day average of +0.217%). If the spread goes back, that is −$19 on $10k: about 10 hours of funding at the current rate (+$44 a day). At the pace of the last 7 days (+1.272% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ZEN-USDT	7.7490	0.0220	pay 0.0220% / 8h	7h 47m	$840K	$1.6M	75x
Short	Kraken Futures PF_ZENUSD	7.7514	0.1696	get 0.0212% / 1h	47m 06s	$497K	$752K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.031%Rate

Funding earned: $310.03
Price spread: +0.031% → +0.217%: −$18.67
Slippage, 4 orders: −$120.88
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $148.48
Costs to cover: 1.429%
Break-even: 3.6 days

Slippage from BloFin: live order book, 6 min ago; Kraken Futures: live order book, 21 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 BloFin live order book, 6 min ago	5.82 bp	15.2 bp −$15	35.4 bp −$354	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 min ago	48.86 bp	57.2 bp −$57	148.3 bp −$1,483	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
dYdX ZEN-USD	0.0000%	1h	7.7467	−0.030%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0021%	8h	7.7500	+0.013%	$4.1M	$3.8M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7448	−0.054%	$42K	$392K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7383	−0.139%	$11.1M	$29.7M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7390	−0.129%	$4.5M	$5.5M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7360	−0.168%	$2.3M	$5.3M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7400	−0.116%	$12.3M	$4.9M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7460	−0.039%	$2.9M	$3.0M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7470	−0.026%	—	$2.9M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.7362	−0.165%	$55K	$69K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7354	−0.175%	$583K	$2.9M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7400	−0.116%	$27K	$668K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7530	+0.052%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7491	+0.002%	$22K	$234K	5x	as long as short
BloFin ZEN-USDTlong	+0.0220%	8h	7.7490	long leg	$840K	$1.6M	75x
Hyperliquid ZEN	+0.0280%	1h	7.7595	+0.136%	$2.4M	$1.3M	5x	as long as short
Kraken Futures PF_ZENUSDshort	+0.1696%	1h	7.7514	+0.031%	$497K	$752K	25x