Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.039%

Price spread now: MEXC against Hyperliquid−0.290%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Hyperliquid Short on MEXC

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+0.253%+$25 · spread now −0.290%, 7d avg −0.048%

Together, before fees+0.165%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 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 MEXC is 0.243% cheaper against Hyperliquid than usual: you would sell low and buy high (−$24 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	7.6833	0.0129	pay 0.0016% / 1h	51m 51s	$2.4M	$1.8M	5x
Short	MEXC ZEN_USDT	7.6610	0.0014	get 0.0014% / 8h	1h 51m	$12.2M	$5.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.290%Rate

Funding earned: −$24.09
Price spread: −0.290% → −0.048%: −$24.26
Slippage, 4 orders: −$39.26
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$100.61
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; MEXC: live order book, 1 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, 9 min ago	1.76 bp	17.0 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.96 bp	8.8 bp −$9	18.5 bp −$185	89.9 bp −$8,989	169.0 bp −$84.5K

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	−0.0094%	4h	7.6600	−0.303%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0071%	8h	7.6728	−0.136%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0020%	8h	7.6680	−0.199%	$4.3M	$5.1M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6846	+0.017%	$9K	—	5x	as long as short
MEXC ZEN_USDTshort	+0.0014%	8h	7.6610	−0.290%	$12.2M	$5.6M	200x
Binance ZENUSDT	+0.0014%	8h	7.6630	−0.264%	$11.0M	$32.1M	75x	as long as short
Extended ZEN-USD	+0.0016%	1h	7.6606	−0.296%	$25K	$110K	5x	as long as short
Bitget ZENUSDT	+0.0033%	8h	7.6660	−0.225%	$2.8M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0057%	8h	7.6730	−0.134%	$834K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0066%	8h	7.6718	−0.150%	$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 ZENUSDT	+0.0100%	8h	7.6610	−0.290%	$4.7M	$6.8M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6720	−0.147%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6920	+0.113%	$585K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6990	+0.204%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6540	−0.381%	$2K	$1.4M	20x	as long as short
Hyperliquid ZENlong	+0.0129%	1h	7.6833	long leg	$2.4M	$1.8M	5x
Kraken Futures PF_ZENUSD	+0.1898%	1h	7.6762	−0.092%	$494K	$1.1M	25x	as long as short