Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.018%

Price spread now: MEXC against dYdX−0.207%47s7-day average — · you buy dearer than you sell

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

Long on dYdX Short on MEXC

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

Funding pays, the price is against you. MEXC is 0.207% cheaper against dYdX than usual: you would sell low and buy high (spread −0.207% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 6.9 days of funding at the current rate (+$3 a day). The two prices were read 47 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	7.5496	0	get 0.0000% / 1h	46m 47s	$9K	—	5x
Short	MEXC ZEN_USDT	7.5340	0.0100	get 0.0100% / 8h	4h 46m	$11.5M	$5.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.207%Rate

Funding earned: $21
Price spread: −0.207% → 0.000%: −$20.72
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$13.72
Costs to cover: 0.140%
Break-even: 11.6 days

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	1.99 bp	11.3 bp −$11	42.3 bp −$423	92.3 bp −$9,233	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
ApeX Omni ZENUSDT	−0.0040%	1h	7.5510	+0.018%	$26K	$689K	50x	as long as short
dYdX ZEN-USDlong	0.0000%	1h	7.5496	long leg	$9K	—	5x
Aster ZENUSDT	+0.0100%	8h	7.5477	−0.025%	$52K	$374K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.5347	−0.198%	$11.0M	$30.3M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.5340	−0.207%	$4.4M	$5.9M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.5350	−0.194%	$2.2M	$5.4M	50x	as long as short
MEXC ZEN_USDTshort	+0.0100%	8h	7.5340	−0.207%	$11.5M	$5.1M	200x
KuCoin ZENUSDTM	+0.0100%	8h	7.5380	−0.154%	$4.0M	$4.5M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.5290	−0.273%	$2.8M	$3.2M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.5440	−0.075%	—	$3.2M	—	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	7.5732	+0.312%	$50K	$85K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.5503	+0.009%	$569K	$2.0M	10x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.5420	−0.101%	$1K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.5330	−0.221%	$24K	$142K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.5400	−0.128%	$832K	$1.5M	75x	as long as short
Hyperliquid ZEN	+0.0227%	1h	7.5515	+0.025%	$2.4M	$1.4M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3136%	1h	7.5594	+0.130%	$489K	$1.0M	25x	as long as short