Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.071%

Price spread now: Bybit against Hyperliquid−0.267%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1151.149% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 7 days+0.222%+$22 · spread now −0.267%, 7d avg −0.124%

Together, before fees+0.104%+ Points / potential airdropHyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.143% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.124%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6093	0.0133	pay 0.0017% / 1h	57m 20s	$2.4M	$1.3M	5x
Short	Bybit ZENUSDT	7.5890	0.0100	get 0.0100% / 8h	4h 57m	$4.5M	$5.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$6.87
Price spread: −0.267% → −0.124%: −$14.27
Slippage, 4 orders: −$94.85
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$136
Costs to cover: 1.149%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, just now.

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, 4 min ago	1.63 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	3.96 bp	42.1 bp −$42	114.6 bp −$1,146	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
dYdX ZEN-USD	0.0000%	1h	7.5968	−0.164%	$9K	—	5x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.5878	−0.282%	$53K	$374K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.5930	−0.214%	$11.0M	$30.0M	75x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.5890	−0.267%	$4.5M	$5.8M	75x
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.5940	−0.201%	$2.3M	$5.4M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.5890	−0.267%	$11.8M	$4.9M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.5810	−0.372%	$4.1M	$4.5M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.5960	−0.175%	$2.8M	$3.2M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.5900	−0.254%	—	$3.2M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.6189	+0.127%	$51K	$83K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6410	+0.417%	$572K	$1.9M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6250	+0.206%	$26K	$688K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6250	+0.206%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.5881	−0.278%	$24K	$127K	5x	as long as short
Hyperliquid ZENlong	+0.0133%	1h	7.6093	long leg	$2.4M	$1.3M	5x
BloFin ZEN-USDT	+0.0220%	8h	7.6350	+0.338%	$845K	$1.6M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.3097%	1h	7.6547	+0.597%	$501K	$1.0M	25x	as long as short