Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.003%

Price spread now: dYdX against Bybit+0.159%50s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. dYdX is 0.159% dearer against Bybit than usual: you sell high and buy low (spread +0.159% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.3 days. The two prices were read 50 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	Bybit ZENUSDT	7.6410	0.0100	pay 0.0100% / 8h	2h 31m	$4.6M	$7.1M	75x
Short	dYdX ZEN-USD	7.6531	0	get 0.0000% / 1h	31m 51s	$9K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.159%Rate

Funding earned: −$21
Price spread: +0.159% → 0.000%: $15.86
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$26.14
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; dYdX: no order-book sample. 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 Bybit live order book, 1 min ago	1.96 bp	46.3 bp −$46	162.1 bp −$1,621	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0131%	8h	7.6562	+0.199%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0051%	4h	7.6420	+0.013%	$2.3M	$6.0M	50x	as long as short
dYdX ZEN-USDshort	0.0000%	1h	7.6531	+0.159%	$9K	—	5x
Binance ZENUSDT	+0.0021%	8h	7.6449	+0.051%	$11.0M	$32.7M	75x	as long as short
MEXC ZEN_USDT	+0.0021%	8h	7.6470	+0.079%	$12.0M	$6.1M	200x	as long as short
Extended ZEN-USD	+0.0024%	1h	7.6443	+0.043%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0024%	8h	7.6480	+0.092%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0036%	8h	7.6380	−0.039%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0069%	8h	7.6420	+0.013%	$54K	$381K	10x	as long as short
BloFin ZEN-USDT	+0.0085%	8h	7.6430	+0.026%	$834K	$1.9M	75x	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	7.6571	+0.211%	$2.4M	$1.9M	5x	as long as short
Bybit ZENUSDTlong	+0.0100%	8h	7.6410	long leg	$4.6M	$7.1M	75x
BingX ZEN-USDT	+0.0100%	8h	7.6420	+0.013%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6497	+0.114%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6670	+0.340%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6530	+0.157%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1136%	1h	7.6583	+0.227%	$493K	$1.1M	25x	as long as short