Funding you earn now, next payment 00:00 UTC−0.2562%/8h= −280.6% APRpaid last 24h −0.349%
Price spread now: Bybit against Kraken Futures−0.285%7-day average −0.241% · you buy dearer than you sell
Net, funding: paid 7d − costs−$295as in the Funding arb table
Net, price: spread back to 7d avg − costs−$176as in the Price arb table
costs, in and out, $10k−$1721.716% of the position
Funding, last 7 days−1.236%−$124 on $10k
+Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.285%, 7d avg −0.241%
=Both sides work against this trade now: funding costs −$77 a day on $10k at the current rate, and Bybit is 0.044% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.241%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.236% in total (about -64.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ZENUSD | 7.8012 | 0.2642 | pay 0.0330% / 1h | 53m 30s | $510K | $1.1M | 25x |
| Short | Bybit ZENUSDT | 7.7790 | 0.0080 | get 0.0080% / 8h | 53m 30s | $4.7M | $6.3M | 75x |
Kraken Futures PF_ZENUSD
Bybit ZENUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$538.05
- Price spread: −0.285% → −0.241%
- −$4.42
- Slippage, 4 orders
- −$150.63
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$714.11
- Costs to cover
- 1.716%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Bybit: live order book, 4 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 Kraken Futures live order book, 5 min ago | 36.74 bp | 50.7 bp −$51 | 133.9 bp −$1,339 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 1.94 bp | 37.6 bp −$38 | 169.2 bp −$1,692 | 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 | −0.0038% | 8h | 7.7410 | −0.773% | $51K | $85K | — | as long as short |
| OKX ZEN-USDT-SWAP | −0.0024% | 4h | 7.7820 | −0.247% | $2.3M | $5.8M | 50x | as long as short |
| KuCoin ZENUSDTM | −0.0006% | 8h | 7.7840 | −0.221% | $4.3M | $5.0M | 50x | as long as short |
| dYdX ZEN-USD | 0.0000% | 1h | 7.7749 | −0.337% | $9K | — | 5x | as long as short |
| MEXC ZEN_USDT | +0.0038% | 8h | 7.7850 | −0.208% | $12.3M | $5.4M | 200x | as long as short |
| Extended ZEN-USD | +0.0040% | 1h | 7.7724 | −0.370% | $25K | $118K | 5x | as long as short |
| Binance ZENUSDT | +0.0041% | 8h | 7.7860 | −0.195% | $11.2M | $31.5M | 75x | as long as short |
| BingX ZEN-USDT | +0.0079% | 8h | 7.7790 | −0.285% | — | $3.4M | — | as long as short |
| Bybit ZENUSDTshort | +0.0080% | 8h | 7.7790 | −0.285% | $4.7M | $6.3M | 75x | |
| Bitget ZENUSDT | +0.0082% | 8h | 7.7790 | −0.285% | $2.9M | $3.5M | 50x | as long as short |
Variational Omni ZEN
OKX ZEN-USDT-SWAP
KuCoin ZENUSDTM
dYdX ZEN-USD
MEXC ZEN_USDT
Extended ZEN-USD
Binance ZENUSDT
BingX ZEN-USDT
Bitget ZENUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster ZENUSDT | +0.0100% | 8h | 7.7785 | −0.291% | $54K | $375K | 10x | as long as short |
| GRVT ZEN_USDT_Perp | +0.0100% | 8h | 7.7789 | −0.286% | $588K | $1.7M | 10x | as long as short |
| ApeX Omni ZENUSDT | +0.0100% | 1h | 7.7420 | −0.759% | $27K | $682K | 50x | as long as short |
| SunX ZEN-USDT | +0.0100% | 8h | 7.7820 | −0.247% | $2K | $1.4M | 20x | as long as short |
| BloFin ZEN-USDT | +0.0144% | 8h | 7.7400 | −0.785% | $835K | $1.8M | 75x | as long as short |
| Hyperliquid ZEN | +0.0337% | 1h | 7.8070 | +0.074% | $2.4M | $1.8M | 5x | as long as short |
| Kraken Futures PF_ZENUSDlong | +0.2642% | 1h | 7.8012 | long leg | $510K | $1.1M | 25x |
Aster ZENUSDT
GRVT ZEN_USDT_Perp
ApeX Omni ZENUSDT
SunX ZEN-USDT
BloFin ZEN-USDT
Hyperliquid ZEN