Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h −0.106%

Price spread now: OKX against Hyperliquid−0.321%7-day average −0.080% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 7 days+0.287%+$29 · spread now −0.321%, 7d avg −0.080%

Together, before fees+0.135%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and OKX is 0.241% cheaper against Hyperliquid than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6907	0.0100	pay 0.0013% / 1h	15m 04s	$2.4M	$1.9M	5x
Short	OKX ZEN-USDT-SWAP	7.6660	−0.0039	pay 0.0020% / 4h	2h 15m	$2.3M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$29.23
Price spread: −0.321% → −0.080%: −$24.07
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$72.3
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; OKX: live order book, 3 min ago. Net counts fees only.

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, 6 min ago	1.88 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	3.26 bp	20.0 bp −$20	85.8 bp −$858	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
Variational Omni ZEN	−0.0079%	8h	7.6852	−0.072%	$51K	$151K	—	as long as short
OKX ZEN-USDT-SWAPshort	−0.0039%	4h	7.6660	−0.321%	$2.3M	$5.9M	50x
dYdX ZEN-USD	0.0000%	1h	7.6862	−0.058%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0030%	8h	7.6700	−0.269%	$12.2M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0031%	8h	7.6710	−0.256%	$11.0M	$32.3M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.6674	−0.302%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0039%	8h	7.6760	−0.191%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0047%	8h	7.6720	−0.243%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0082%	8h	7.6715	−0.249%	$54K	$381K	10x	as long as short
Hyperliquid ZENlong	+0.0100%	1h	7.6907	long leg	$2.4M	$1.9M	5x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZENUSDT	+0.0100%	8h	7.6690	−0.282%	$4.6M	$6.9M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6740	−0.217%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6842	−0.084%	$585K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6690	−0.282%	$27K	$681K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6660	−0.321%	$2K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0122%	8h	7.6710	−0.256%	$833K	$1.9M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1130%	1h	7.6972	+0.085%	$495K	$1.1M	25x	as long as short