Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0149%/8h= −16.4% APRpaid last 24h −0.074%

Price spread now: OKX against BloFin−0.385%73s7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.671% of the position

Long on BloFin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.299%−$30 on $10k

Price spread, last 4 days (all we have)+0.279%+$28 · spread now −0.385%, 7d avg −0.035%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and OKX is 0.350% cheaper against BloFin than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.035%). Swap the legs. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ZEN-USDT	7.7980	0.0220	pay 0.0220% / 8h	2h 16m	$830K	$1.6M	75x
Short	OKX ZEN-USDT-SWAP	7.7680	0.0071	get 0.0035% / 4h	2h 16m	$2.3M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.385%Rate

Funding earned: −$31.37
Price spread: −0.385% → −0.035%: −$34.99
Slippage, 4 orders: −$45.13
Fee BloFin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$133.49
Costs to cover: 0.671%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	3.84 bp	11.1 bp −$11	23.9 bp −$239	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	2.56 bp	18.8 bp −$19	107.6 bp −$1,076	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	7.8077	+0.125%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAPshort	+0.0071%	4h	7.7680	−0.385%	$2.3M	$5.3M	50x
KuCoin ZENUSDTM	+0.0082%	8h	7.7790	−0.244%	$4.1M	$4.1M	50x	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.8036	+0.072%	$2.4M	$1.3M	5x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7785	−0.250%	$43K	$389K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7717	−0.338%	$11.2M	$30.1M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7750	−0.295%	$4.5M	$5.7M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7700	−0.359%	$11.9M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7780	−0.256%	$2.9M	$3.1M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7760	−0.282%	—	$3.1M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ZEN	+0.0100%	8h	7.6882	−1.409%	$55K	$88K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7585	−0.507%	$587K	$2.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7410	−0.731%	$27K	$677K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7930	−0.064%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7881	−0.127%	$25K	$136K	5x	as long as short
BloFin ZEN-USDTlong	+0.0220%	8h	7.7980	long leg	$830K	$1.6M	75x
Kraken Futures PF_ZENUSD	+0.3035%	1h	7.8135	+0.199%	$499K	$1.0M	25x	as long as short