Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX+0.097%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on BingX

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

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.097% dearer against dYdX than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.7205	0	get 0.0000% / 1h	42m 02s	$9K	—	5x
Short	BingX ZEN-USDT	7.7280	0.0100	get 0.0100% / 8h	5h 42m	—	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now +0.097%Rate

Funding earned: $21
Price spread: +0.097% → 0.000%: $9.67
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $10.67
Costs to cover: 0.200%
Break-even: 3.4 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 7 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 7 min ago	4.56 bp	17.9 bp −$18	35.9 bp −$359	160.9 bp −$16.1K	382.6 bp −$191.3K

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
dYdX ZEN-USDlong	0.0000%	1h	7.7205	long leg	$9K	—	5x
Variational Omni ZEN	+0.0093%	8h	7.6862	−0.445%	$51K	$83K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7311	+0.137%	$55K	$375K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7259	+0.069%	$11.2M	$30.1M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7210	+0.006%	$4.6M	$5.8M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7250	+0.058%	$2.3M	$5.4M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7310	+0.136%	$12.0M	$5.0M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.7310	+0.136%	$4.1M	$4.6M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7280	+0.097%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDTshort	+0.0100%	8h	7.7280	+0.097%	—	$3.2M	—

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	7.6823	−0.495%	$572K	$1.8M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7130	−0.098%	$26K	$684K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7330	+0.161%	$1K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7289	+0.108%	$24K	$122K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.7230	+0.032%	$860K	$1.6M	75x	as long as short
Hyperliquid ZEN	+0.0384%	1h	7.7415	+0.272%	$2.5M	$1.4M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3166%	1h	7.7600	+0.511%	$508K	$1.0M	25x	as long as short