Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.061%

Price spread now: GRVT against OKX−0.013%81s7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as 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−$830.834% of the position

Long on OKX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)+0.371%+$37 · spread now −0.013%, 7d avg +0.043%

Together, before fees+0.479%+ Points / potential airdropGRVT: Active · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.055% cheaper against OKX than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.043%). If the spread goes back, that is −$6 on $10k: about 2.0 days of funding at the current rate (+$3 a day). The two prices were read 81 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	OKX ZEN-USDT-SWAP	7.7700	0.0009	pay 0.0004% / 4h	2m 16s	$2.3M	$5.8M	50x
Short	GRVT ZEN_USDT_Perp	7.7690	0.0100	get 0.0100% / 8h	2m 16s	$587K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.013%Rate

Funding earned: $19.14
Price spread: −0.013% → +0.043%: −$5.55
Slippage, 4 orders: −$64.45
Fee OKX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$69.85
Costs to cover: 0.834%
Break-even: 32.5 days

Slippage from OKX: live order book, 6 min ago; GRVT: live order book, 1 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, 6 min ago	1.29 bp	15.8 bp −$16	97.3 bp −$973	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	1.29 bp	28.9 bp −$29	76.8 bp −$768	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	−0.0029%	8h	7.7390	−0.400%	$52K	$85K	—	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7668	−0.041%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAPlong	+0.0009%	4h	7.7700	long leg	$2.3M	$5.8M	50x
KuCoin ZENUSDTM	+0.0043%	8h	7.7720	+0.026%	$4.4M	$4.9M	50x	as long as short
Bybit ZENUSDT	+0.0051%	8h	7.7730	+0.039%	$4.6M	$6.2M	75x	as long as short
MEXC ZEN_USDT	+0.0078%	8h	7.7760	+0.077%	$12.5M	$5.5M	200x	as long as short
Extended ZEN-USD	+0.0080%	1h	7.7734	+0.043%	$25K	$118K	5x	as long as short
Binance ZENUSDT	+0.0081%	8h	7.7767	+0.086%	$11.2M	$31.6M	75x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7754	+0.070%	$53K	$378K	10x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7760	+0.077%	$2.9M	$3.5M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDT	+0.0100%	8h	7.7700	0.000%	—	$3.3M	—	as long as short
GRVT ZEN_USDT_Perpshort	+0.0100%	8h	7.7690	−0.013%	$587K	$1.7M	10x
ApeX Omni ZENUSDT	+0.0100%	1h	7.7520	−0.232%	$26K	$686K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7550	−0.193%	$2K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0198%	8h	7.7760	+0.077%	$848K	$1.8M	75x	as long as short
Hyperliquid ZEN	+0.0334%	1h	7.7824	+0.160%	$2.4M	$1.8M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.2643%	1h	7.7993	+0.377%	$510K	$1.0M	25x	as long as short