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: Bybit against dYdX+0.168%50s7-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 Bybit

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 Bybit is 0.168% dearer against dYdX than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet). 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	dYdX ZEN-USD	7.6511	0	get 0.0000% / 1h	37m 52s	$9K	—	5x
Short	Bybit ZENUSDT	7.6640	0.0100	get 0.0100% / 8h	2h 37m	$4.6M	$7.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.168%Rate

Funding earned: $21
Price spread: +0.168% → 0.000%: $16.84
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $16.84
Costs to cover: 0.210%
Break-even: 1.4 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	2.61 bp	39.8 bp −$40	165.3 bp −$1,653	doesn't fit	doesn't fit

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	−0.0142%	8h	7.6510	−0.001%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0055%	4h	7.6630	+0.155%	$2.3M	$6.1M	50x	as long as short
dYdX ZEN-USDlong	0.0000%	1h	7.6511	long leg	$9K	—	5x
Extended ZEN-USD	+0.0016%	1h	7.6636	+0.163%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0016%	8h	7.6670	+0.208%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0017%	8h	7.6658	+0.192%	$11.0M	$32.8M	75x	as long as short
KuCoin ZENUSDTM	+0.0017%	8h	7.6610	+0.129%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0036%	8h	7.6620	+0.142%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0063%	8h	7.6605	+0.123%	$54K	$381K	10x	as long as short
BloFin ZEN-USDT	+0.0064%	8h	7.6450	−0.080%	$835K	$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
BingX ZEN-USDT	+0.0098%	8h	7.6610	+0.129%	—	$3.4M	—	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.6804	+0.383%	$2.4M	$1.9M	5x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.6640	+0.168%	$4.6M	$7.1M	75x
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6526	+0.019%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6530	+0.025%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6660	+0.195%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1132%	1h	7.6848	+0.440%	$494K	$1.1M	25x	as long as short