Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.106%

Price spread now: Hyperliquid against OKX+0.285%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$680.683% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 7 days−0.234%−$23 · spread now +0.285%, 7d avg +0.082%

Together, before fees−0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.203% dearer against OKX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.6920	−0.0084	get 0.0042% / 4h	1h 21m	$2.3M	$5.8M	50x
Short	Hyperliquid ZEN	7.7139	0.0100	get 0.0013% / 1h	21m 10s	$2.4M	$1.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.285%Rate

Funding earned: $38.59
Price spread: +0.285% → +0.082%: $20.26
Slippage, 4 orders: −$49.29
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.44
Costs to cover: 0.683%
Break-even: 8.7 days

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 10 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, 2 min ago	1.95 bp	20.2 bp −$20	188.8 bp −$1,888	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.30 bp	15.2 bp −$15	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
OKX ZEN-USDT-SWAPlong	−0.0084%	4h	7.6920	long leg	$2.3M	$5.8M	50x
Variational Omni ZEN	−0.0050%	8h	7.6785	−0.175%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0035%	8h	7.7030	+0.143%	$4.3M	$5.0M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7095	+0.227%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0002%	8h	7.6980	+0.078%	$12.2M	$5.6M	200x	as long as short
Binance ZENUSDT	+0.0004%	8h	7.6982	+0.081%	$11.1M	$31.8M	75x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6987	+0.087%	$25K	$110K	5x	as long as short
Bitget ZENUSDT	+0.0052%	8h	7.6960	+0.052%	$2.9M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0058%	8h	7.7020	+0.130%	$838K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0071%	8h	7.7043	+0.160%	$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 ZENshort	+0.0100%	1h	7.7139	+0.285%	$2.4M	$1.8M	5x
Bybit ZENUSDT	+0.0100%	8h	7.6940	+0.026%	$4.7M	$6.6M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7060	+0.182%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7110	+0.247%	$583K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6980	+0.078%	$27K	$681K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6950	+0.039%	$1K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1883%	1h	7.7346	+0.553%	$506K	$1.1M	25x	as long as short