Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0147%/8h= +16.0% APRpaid last 24h +0.093%

Price spread now: BloFin against OKX+0.235%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$690.695% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now +0.235%, 7d avg +0.052%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.183% dearer against OKX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.6660	−0.0115	get 0.0058% / 4h	1h 33m	$2.3M	$5.8M	50x
Short	BloFin ZEN-USDT	7.6840	0.0031	get 0.0031% / 8h	1h 33m	$835K	$1.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now +0.235%Rate

Funding earned: $30.78
Price spread: +0.235% → +0.052%: $18.29
Slippage, 4 orders: −$47.45
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$20.38
Costs to cover: 0.695%
Break-even: 11.6 days

Slippage from OKX: live order book, 5 min ago; BloFin: 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 OKX live order book, 5 min ago	2.60 bp	19.2 bp −$19	124.7 bp −$1,247	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	3.25 bp	15.7 bp −$16	28.1 bp −$281	97.7 bp −$9,774	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
OKX ZEN-USDT-SWAPlong	−0.0115%	4h	7.6660	long leg	$2.3M	$5.8M	50x
Variational Omni ZEN	−0.0062%	8h	7.6826	+0.217%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0042%	8h	7.6740	+0.104%	$4.3M	$5.0M	50x	as long as short
Binance ZENUSDT	0.0000%	8h	7.6720	+0.079%	$11.1M	$31.9M	75x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6919	+0.338%	$9K	—	5x	as long as short
Extended ZEN-USD	0.0000%	1h	7.6704	+0.058%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0002%	8h	7.6780	+0.157%	$12.2M	$5.6M	200x	as long as short
BloFin ZEN-USDTshort	+0.0031%	8h	7.6840	+0.235%	$835K	$1.9M	75x
Bitget ZENUSDT	+0.0042%	8h	7.6800	+0.183%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0065%	8h	7.6820	+0.209%	$53K	$380K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZEN	+0.0100%	1h	7.6902	+0.316%	$2.4M	$1.8M	5x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6680	+0.026%	$4.7M	$6.7M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6730	+0.091%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6790	+0.170%	$572K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6830	+0.222%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6750	+0.117%	$1K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1891%	1h	7.7041	+0.497%	$504K	$1.1M	25x	as long as short