Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h −0.005%

Price spread now: GRVT against Extended+0.054%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$970.974% of the position

Long on Extended Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 3 days (all we have)+0.978%+$98 · spread now +0.054%, 7d avg +0.021%

Together, before fees+1.018%+ Points / potential airdropExtended: Active · GRVT: Active · farm board+$102 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.033% dearer against Extended than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ZEN-USD	7.6318	0.0016	pay 0.0002% / 1h	49m 31s	$25K	$110K	5x
Short	GRVT ZEN_USDT_Perp	7.6360	0.0100	get 0.0100% / 8h	2h 49m	$578K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Extended. 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 ExtendedbpFee GRVTbpOrdersPrice spread, now +0.054%Rate

Funding earned: $17.64
Price spread: +0.054% → +0.021%: $3.31
Slippage, 4 orders: −$83.38
Fee Extended: 2.5 bp × 2 orders: −$5
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$76.43
Costs to cover: 0.974%
Break-even: 37.3 days

Slippage from Extended: live order book, 35 min ago; GRVT: live order book, 4 min ago.

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 Extended live order book, 35 min ago	2.80 bp	21.0 bp −$21	193.4 bp −$1,934	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	2.62 bp	36.6 bp −$37	58.5 bp −$585	doesn't fit	doesn't fit

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	−0.0157%	8h	7.6310	−0.011%	$51K	$232K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0045%	4h	7.6290	−0.037%	$2.3M	$6.4M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6440	+0.159%	$9K	—	5x	as long as short
Binance ZENUSDT	+0.0012%	8h	7.6330	+0.015%	$10.9M	$33.6M	75x	as long as short
KuCoin ZENUSDTM	+0.0013%	8h	7.6390	+0.094%	$4.2M	$5.3M	50x	as long as short
MEXC ZEN_USDT	+0.0014%	8h	7.6340	+0.028%	$12.0M	$6.0M	200x	as long as short
Extended ZEN-USDlong	+0.0016%	1h	7.6318	long leg	$25K	$110K	5x
Bitget ZENUSDT	+0.0036%	8h	7.6260	−0.077%	$2.8M	$3.7M	50x	as long as short
Aster ZENUSDT	+0.0055%	8h	7.6460	+0.185%	$54K	$388K	10x	as long as short
BloFin ZEN-USDT	+0.0059%	8h	7.6330	+0.015%	$835K	$2.0M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZENUSDT	+0.0081%	1h	7.6400	+0.107%	$27K	$682K	50x	as long as short
Bybit ZENUSDT	+0.0097%	8h	7.6310	−0.011%	$4.6M	$7.3M	75x	as long as short
BingX ZEN-USDT	+0.0098%	8h	7.6360	+0.054%	—	$3.5M	—	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.6430	+0.146%	$2.4M	$2.1M	5x	as long as short
GRVT ZEN_USDT_Perpshort	+0.0100%	8h	7.6360	+0.054%	$578K	$1.6M	10x
SunX ZEN-USDT	+0.0100%	8h	7.6440	+0.159%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1137%	1h	7.6523	+0.268%	$492K	$1.1M	25x	as long as short