Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0047%/8h= +5.2% APRpaid last 24h +0.025%

Price spread now: Bybit against OKX−0.104%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1181.178% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.104%, 7d avg −0.034%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.069% cheaper against OKX than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.034%). If the spread goes back, that is −$7 on $10k: about 4.9 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.7250	0.0053	pay 0.0026% / 4h	1h 42m	$2.3M	$5.4M	50x
Short	Bybit ZENUSDT	7.7170	0.0100	get 0.0100% / 8h	1h 42m	$4.5M	$5.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.104%Rate

Funding earned: $9.96
Price spread: −0.104% → −0.034%: −$6.93
Slippage, 4 orders: −$96.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$114.81
Costs to cover: 1.178%
Break-even: 87.7 days

Slippage from OKX: live order book, 5 min ago; Bybit: 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	1.94 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.24 bp	39.8 bp −$40	241.6 bp −$2,416	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	7.7393	+0.185%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAPlong	+0.0053%	4h	7.7250	long leg	$2.3M	$5.4M	50x
KuCoin ZENUSDTM	+0.0056%	8h	7.7310	+0.078%	$4.1M	$4.1M	50x	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.7359	+0.141%	$2.4M	$1.3M	5x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7275	+0.033%	$44K	$393K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7275	+0.033%	$11.2M	$30.2M	75x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.7170	−0.104%	$4.5M	$5.7M	75x
MEXC ZEN_USDT	+0.0100%	8h	7.7200	−0.065%	$11.9M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7150	−0.129%	$2.9M	$3.1M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7250	0.000%	—	$3.1M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ZEN	+0.0100%	8h	7.7271	+0.028%	$55K	$83K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7271	+0.027%	$575K	$2.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7500	+0.324%	$27K	$674K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7410	+0.207%	$1K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7170	−0.104%	$22K	$129K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.7450	+0.259%	$834K	$1.6M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.2842%	1h	7.7588	+0.438%	$496K	$1.0M	25x	as long as short