Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: BingX against GRVT−0.129%84s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$770.767% of the position

Long on GRVT Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now −0.129%, 7d avg +0.011%

Together, before fees−0.027%+ Points / potential airdropGRVT: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.140% cheaper against GRVT than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.011%. The two prices were read 84 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	GRVT ZEN_USDT_Perp	7.7109	0.0100	pay 0.0100% / 8h	6h 53m	$574K	$1.7M	10x
Short	BingX ZEN-USDT	7.7010	0.0100	get 0.0100% / 8h	6h 53m	—	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GRVT. 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 GRVTbpFee BingXbpOrdersPrice spread, now −0.129%Rate

Funding earned: $0
Price spread: −0.129% → +0.011%: −$14
Slippage, 4 orders: −$57.71
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$90.7
Costs to cover: 0.767%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; BingX: live order book, 10 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 GRVT live order book, 4 min ago	3.23 bp	19.5 bp −$19	42.3 bp −$423	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.85 bp	15.1 bp −$15	36.8 bp −$368	236.7 bp −$23.7K	455.2 bp −$227.6K

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	−0.0705%	1h	7.7420	+0.403%	$26K	$688K	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7012	−0.126%	$9K	—	5x	as long as short
Variational Omni ZEN	+0.0044%	8h	7.6923	−0.242%	$51K	$85K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.6874	−0.305%	$55K	$382K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7024	−0.110%	$11.1M	$31.5M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7030	−0.103%	$4.6M	$6.1M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7040	−0.090%	$2.3M	$5.6M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7060	−0.064%	$12.2M	$5.3M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.7040	−0.090%	$4.4M	$4.8M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7090	−0.025%	$2.9M	$3.5M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDTshort	+0.0100%	8h	7.7010	−0.129%	—	$3.3M	—
GRVT ZEN_USDT_Perplong	+0.0100%	8h	7.7109	long leg	$574K	$1.7M	10x
SunX ZEN-USDT	+0.0100%	8h	7.6820	−0.375%	$1K	$1.4M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7025	−0.109%	$22K	$117K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6840	−0.349%	$860K	$1.7M	75x	as long as short
Hyperliquid ZEN	+0.0447%	1h	7.7228	+0.154%	$2.4M	$1.7M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3211%	1h	7.7274	+0.213%	$506K	$1.0M	25x	as long as short