Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.035%

Price spread now: OKX against dYdX+0.222%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 OKX

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 OKX is 0.222% dearer against dYdX than usual: you sell high and buy low: +$22 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	7.7987	0	get 0.0000% / 1h	25m 34s	$9K	—	5x
Short	OKX ZEN-USDT-SWAP	7.8160	0.0100	get 0.0050% / 4h	2h 25m	$2.4M	$5.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.222%Rate

Funding earned: $21
Price spread: +0.222% → 0.000%: $22.22
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $23.22
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: dYdX: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	1.29 bp	18.4 bp −$18	91.3 bp −$913	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 16 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	7.7987	long leg	$9K	—	5x
Variational Omni ZEN	+0.0074%	8h	7.7907	−0.102%	$52K	$85K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7981	−0.007%	$56K	$383K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.8177	+0.244%	$11.3M	$30.8M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.8070	+0.107%	$4.6M	$6.0M	75x	as long as short
OKX ZEN-USDT-SWAPshort	+0.0100%	4h	7.8160	+0.222%	$2.4M	$5.6M	50x
MEXC ZEN_USDT	+0.0100%	8h	7.8180	+0.248%	$12.2M	$5.3M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.8040	+0.068%	$4.4M	$4.7M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.8190	+0.261%	$2.9M	$3.4M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.8010	+0.030%	—	$3.3M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7798	−0.242%	$580K	$1.8M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7400	−0.752%	$26K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7930	−0.073%	$2K	$1.4M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7972	−0.020%	$28K	$120K	5x	as long as short
Hyperliquid ZEN	+0.0384%	1h	7.8378	+0.502%	$2.5M	$1.6M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3171%	1h	7.8268	+0.360%	$512K	$1.0M	25x	as long as short