Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against MEXC+0.171%7-day average +0.046% · you sell dearer than you buy

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

Long on MEXC Short on Hyperliquid

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−0.144%−$14 · spread now +0.171%, 7d avg +0.046%

Together, before fees−0.057%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.124% dearer against MEXC than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ZEN_USDT	7.6800	0.0030	pay 0.0030% / 8h	2h 15m	$12.2M	$6.1M	200x
Short	Hyperliquid ZEN	7.6931	0.0100	get 0.0013% / 1h	15m 50s	$2.4M	$1.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.171%Rate

Funding earned: $14.7
Price spread: +0.171% → +0.046%: $12.43
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.13
Costs to cover: 0.130%
Break-even: 0.3 days

Slippage unknown: MEXC: live order book, 2 min ago; Hyperliquid: live order book, 5 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 MEXC live order book, 2 min ago	1.30 bp	9.8 bp −$10	33.3 bp −$333	91.3 bp −$9,135	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.88 bp	doesn't fit	doesn't fit	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	−0.0086%	8h	7.6851	+0.066%	$51K	$154K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0023%	4h	7.6700	−0.130%	$2.3M	$5.9M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7006	+0.268%	$9K	—	5x	as long as short
MEXC ZEN_USDTlong	+0.0030%	8h	7.6800	long leg	$12.2M	$6.1M	200x
Binance ZENUSDT	+0.0030%	8h	7.6777	−0.030%	$11.0M	$32.3M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.6789	−0.015%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0044%	8h	7.6870	+0.091%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0048%	8h	7.6850	+0.065%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0082%	8h	7.6803	+0.004%	$54K	$381K	10x	as long as short
Hyperliquid ZENshort	+0.0100%	1h	7.6931	+0.171%	$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	7.6770	−0.039%	$4.6M	$6.9M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6770	−0.039%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6807	+0.009%	$585K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6850	+0.065%	$27K	$681K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6910	+0.143%	$2K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0121%	8h	7.6860	+0.078%	$833K	$1.9M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1128%	1h	7.7160	+0.469%	$496K	$1.1M	25x	as long as short