Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1026%/8h= −112.4% APRpaid last 24h −0.374%

Price spread now: GRVT against Kraken Futures−0.347%7-day average −0.218% · you buy dearer than you sell

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1541.537% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−1.155%−$115 on $10k

Price spread, last 3 days (all we have)+0.540%+$54 · spread now −0.347%, 7d avg −0.218%

Together, before fees−0.615%+ Points / potential airdropGRVT: Active · farm board−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and GRVT is 0.130% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.218%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.7236	0.1126	pay 0.0141% / 1h	25m 21s	$497K	$1.1M	25x
Short	GRVT ZEN_USDT_Perp	7.6967	0.0100	get 0.0100% / 8h	2h 25m	$586K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 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 Kraken FuturesbpFee GRVTbpOrdersPrice spread, now −0.347%Rate

Funding earned: −$215.55
Price spread: −0.347% → −0.218%: −$12.98
Slippage, 4 orders: −$134.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$382.21
Costs to cover: 1.537%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; GRVT: live order book, 3 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, 3 min ago	46.83 bp	72.7 bp −$73	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	2.60 bp	17.7 bp −$18	88.2 bp −$882	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	−0.0117%	8h	7.6382	−1.106%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0036%	4h	7.6860	−0.486%	$2.3M	$6.0M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7007	−0.296%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0028%	8h	7.6900	−0.435%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0032%	8h	7.6910	−0.422%	$11.0M	$32.4M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.6978	−0.334%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0042%	8h	7.6990	−0.318%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0045%	8h	7.6850	−0.499%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0081%	8h	7.7005	−0.298%	$54K	$381K	10x	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.7048	−0.243%	$2.4M	$1.9M	5x	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	7.6950	−0.370%	$4.6M	$6.9M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7010	−0.292%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perpshort	+0.0100%	8h	7.6967	−0.347%	$586K	$1.6M	10x
ApeX Omni ZENUSDT	+0.0100%	1h	7.6940	−0.383%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7080	−0.202%	$2K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0115%	8h	7.6930	−0.396%	$839K	$1.9M	75x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1126%	1h	7.7236	long leg	$497K	$1.1M	25x