Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0093%/8h= −10.1% APRpaid last 24h +0.007%

Price spread now: Variational Omni against OKX−0.117%7-day average +0.002% · you buy dearer than you sell

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.577%+$58 · spread now −0.117%, 7d avg +0.002%

Together, before fees+0.544%+ Points / potential airdropVariational Omni: Active · farm board+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.119% cheaper against OKX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.6600	−0.0050	get 0.0025% / 4h	2h 36m	$2.3M	$6.1M	50x
Short	Variational Omni ZEN	7.6510	−0.0142	pay 0.0142% / 8h	2h 36m	$51K	$219K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now −0.117%Rate

Funding earned: −$19.43
Price spread: −0.117% → +0.002%: −$11.86
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$41.29
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 min ago; Variational Omni: RFQ quote, 52 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 OKX live order book, 1 min ago	2.61 bp	16.5 bp −$16	149.3 bp −$1,493	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 52 min ago	5.95 bp	doesn't fit	155.0 bp −$1,550	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 ZENshort	−0.0142%	8h	7.6510	−0.117%	$51K	$219K	—
OKX ZEN-USDT-SWAPlong	−0.0050%	4h	7.6600	long leg	$2.3M	$6.1M	50x
dYdX ZEN-USD	0.0000%	1h	7.6593	−0.009%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0016%	1h	7.6614	+0.018%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0016%	8h	7.6670	+0.091%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0017%	8h	7.6621	+0.027%	$11.0M	$32.8M	75x	as long as short
KuCoin ZENUSDTM	+0.0020%	8h	7.6650	+0.065%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0037%	8h	7.6590	−0.013%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0065%	8h	7.6640	+0.053%	$54K	$381K	10x	as long as short
BloFin ZEN-USDT	+0.0067%	8h	7.6680	+0.104%	$836K	$1.9M	75x	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	7.6816	+0.282%	$2.4M	$1.9M	5x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6590	−0.013%	$4.6M	$7.1M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6600	0.000%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6526	−0.097%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6530	−0.091%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6720	+0.157%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1133%	1h	7.6797	+0.257%	$494K	$1.1M	25x	as long as short