Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.039%

Price spread now: Binance against Hyperliquid−0.305%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 7 days+0.272%+$27 · spread now −0.305%, 7d avg −0.048%

Together, before fees+0.186%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.257% cheaper against Hyperliquid than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.7165	0.0100	pay 0.0013% / 1h	41m 24s	$2.4M	$1.9M	5x
Short	Binance ZENUSDT	7.6930	0.0009	get 0.0009% / 8h	1h 41m	$11.0M	$32.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.305%Rate

Funding earned: −$19.09
Price spread: −0.305% → −0.048%: −$25.69
Slippage, 4 orders: −$43.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$106.95
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Binance: live order book, 15 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 Hyperliquid live order book, 10 min ago	1.17 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.30 bp	12.0 bp −$12	27.7 bp −$277	213.0 bp −$21.3K	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	−0.0080%	4h	7.6870	−0.382%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0056%	8h	7.6768	−0.515%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0030%	8h	7.7010	−0.201%	$4.3M	$5.1M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7117	−0.062%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.7007	−0.205%	$25K	$110K	5x	as long as short
Binance ZENUSDTshort	+0.0009%	8h	7.6930	−0.305%	$11.0M	$32.0M	75x
MEXC ZEN_USDT	+0.0011%	8h	7.6970	−0.253%	$12.3M	$5.6M	200x	as long as short
BloFin ZEN-USDT	+0.0044%	8h	7.6970	−0.253%	$835K	$1.9M	75x	as long as short
Bitget ZENUSDT	+0.0045%	8h	7.6960	−0.266%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0069%	8h	7.7035	−0.169%	$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
Hyperliquid ZENlong	+0.0100%	1h	7.7165	long leg	$2.4M	$1.9M	5x
Bybit ZENUSDT	+0.0100%	8h	7.6860	−0.395%	$4.7M	$6.7M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6960	−0.266%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7060	−0.136%	$574K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6980	−0.240%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6950	−0.279%	$2K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1887%	1h	7.7211	+0.060%	$505K	$1.1M	25x	as long as short