Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.013%

Price spread now: Bybit against GRVT+0.222%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1321.318% of the position

Long on GRVT Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 3 days (all we have)−0.735%−$73 · spread now +0.222%, 7d avg −0.033%

Together, before fees−0.791%+ Points / potential airdropGRVT: Active · farm board−$79 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: Bybit is 0.255% dearer against GRVT than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT ZEN_USDT_Perp	7.6769	0.0100	pay 0.0100% / 8h	1h 55m	$584K	$1.6M	10x
Short	Bybit ZENUSDT	7.6940	0.0100	get 0.0100% / 8h	1h 55m	$4.7M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.222%Rate

Funding earned: $0
Price spread: +0.222% → −0.033%: $25.5
Slippage, 4 orders: −$111.81
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$106.31
Costs to cover: 1.318%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	3.27 bp	31.6 bp −$32	57.7 bp −$577	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.61 bp	39.6 bp −$40	168.6 bp −$1,686	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
OKX ZEN-USDT-SWAP	−0.0088%	4h	7.6980	+0.274%	$2.3M	$5.9M	50x	as long as short
Variational Omni ZEN	−0.0072%	8h	7.6417	−0.459%	$51K	$151K	—	as long as short
KuCoin ZENUSDTM	−0.0013%	8h	7.6920	+0.196%	$4.3M	$5.1M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6923	+0.200%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6894	+0.162%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0011%	8h	7.7020	+0.326%	$12.3M	$5.6M	200x	as long as short
Binance ZENUSDT	+0.0015%	8h	7.6980	+0.274%	$11.0M	$32.2M	75x	as long as short
Bitget ZENUSDT	+0.0035%	8h	7.7010	+0.313%	$2.9M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0047%	8h	7.6570	−0.260%	$840K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0073%	8h	7.6889	+0.155%	$53K	$381K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZENUSDTshort	+0.0100%	8h	7.6940	+0.222%	$4.7M	$6.8M	75x
BingX ZEN-USDT	+0.0100%	8h	7.6900	+0.170%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perplong	+0.0100%	8h	7.6769	long leg	$584K	$1.6M	10x
ApeX Omni ZENUSDT	+0.0100%	1h	7.6640	−0.169%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6740	−0.038%	$2K	$1.4M	20x	as long as short
Hyperliquid ZEN	+0.0158%	1h	7.7190	+0.548%	$2.4M	$1.9M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.1891%	1h	7.7020	+0.326%	$496K	$1.1M	25x	as long as short