Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SunX against dYdX−0.220%7-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 SunX

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. SunX is 0.220% cheaper against dYdX than usual: you would sell low and buy high (spread −0.220% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 7.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.6919	0	get 0.0000% / 1h	32m 50s	$9K	—	5x
Short	SunX ZEN-USDT	7.6750	0.0100	get 0.0100% / 8h	1h 32m	$1K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.220%Rate

Funding earned: $21
Price spread: −0.220% → 0.000%: −$22
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$19
Costs to cover: 0.180%
Break-even: 13.3 days

Slippage unknown: dYdX: no order-book sample; SunX: live order book, 12 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 SunX live order book, 12 min ago	500.55 bp	doesn't fit	doesn't fit	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
OKX ZEN-USDT-SWAP	−0.0115%	4h	7.6660	−0.337%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0062%	8h	7.6826	−0.121%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0042%	8h	7.6740	−0.233%	$4.3M	$5.0M	50x	as long as short
Binance ZENUSDT	0.0000%	8h	7.6723	−0.255%	$11.1M	$31.9M	75x	as long as short
dYdX ZEN-USDlong	0.0000%	1h	7.6919	long leg	$9K	—	5x
Extended ZEN-USD	0.0000%	1h	7.6704	−0.280%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0002%	8h	7.6720	−0.259%	$12.2M	$5.6M	200x	as long as short
BloFin ZEN-USDT	+0.0031%	8h	7.6840	−0.103%	$835K	$1.9M	75x	as long as short
Bitget ZENUSDT	+0.0042%	8h	7.6800	−0.155%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0065%	8h	7.6820	−0.129%	$53K	$380K	10x	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	7.6902	−0.022%	$2.4M	$1.8M	5x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6680	−0.311%	$4.7M	$6.7M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6700	−0.285%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6790	−0.168%	$572K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6830	−0.116%	$27K	$683K	50x	as long as short
SunX ZEN-USDTshort	+0.0100%	8h	7.6750	−0.220%	$1K	$1.4M	20x
Kraken Futures PF_ZENUSD	+0.1891%	1h	7.7041	+0.159%	$504K	$1.1M	25x	as long as short