Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1593%/8h= −174.5% APRpaid last 24h −0.541%

Price spread now: OKX against Kraken Futures−0.487%45s7-day average −0.255% · you buy dearer than you sell

Net, funding: paid 7d − costs−$294as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1361.363% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.574%−$157 on $10k

Price spread, last 4 days (all we have)+0.564%+$56 · spread now −0.487%, 7d avg −0.255%

Together, before fees−1.010%−$101 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and OKX is 0.232% cheaper against Kraken Futures than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.255%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.7648	0.1693	pay 0.0212% / 1h	2m 34s	$499K	$688K	25x
Short	OKX ZEN-USDT-SWAP	7.7270	0.0100	get 0.0050% / 4h	3h 02m	$2.3M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.487%Rate

Funding earned: −$334.61
Price spread: −0.487% → −0.255%: −$23.16
Slippage, 4 orders: −$116.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$494.06
Costs to cover: 1.363%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; OKX: live order book, 5 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, 1 min ago	21.31 bp	63.9 bp −$64	154.2 bp −$1,542	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.58 bp	21.8 bp −$22	86.8 bp −$868	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	7.7387	−0.336%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0036%	8h	7.7380	−0.345%	$4.1M	$3.6M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7367	−0.362%	$43K	$387K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7307	−0.439%	$11.1M	$29.2M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7270	−0.487%	$4.5M	$5.3M	75x	as long as short
OKX ZEN-USDT-SWAPshort	+0.0100%	4h	7.7270	−0.487%	$2.3M	$5.2M	50x
MEXC ZEN_USDT	+0.0100%	8h	7.7350	−0.384%	$12.1M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7300	−0.448%	$2.8M	$3.0M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7320	−0.423%	—	$2.9M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.7547	−0.130%	$51K	$55K	—	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	7.7498	−0.193%	$587K	$3.0M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7450	−0.255%	$27K	$667K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7450	−0.255%	$2K	$1.2M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7309	−0.437%	$22K	$236K	5x	as long as short
Hyperliquid ZEN	+0.0144%	1h	7.7521	−0.164%	$2.4M	$1.2M	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.7490	−0.204%	$829K	$1.6M	75x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1693%	1h	7.7648	long leg	$499K	$688K	25x