Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0261%/8h= +28.6% APRpaid last 24h +0.100%

Price spread now: Hyperliquid against Variational Omni+0.430%7-day average +0.196% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.185%+$18 on $10k

Price spread, last 3 days (all we have)−0.677%−$68 · spread now +0.430%, 7d avg +0.196%

Together, before fees−0.493%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.234% dearer against Variational Omni than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.196%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZEN	7.6417	−0.0072	get 0.0072% / 8h	1h 57m	$51K	$151K	—
Short	Hyperliquid ZEN	7.6746	0.0189	get 0.0024% / 1h	57m 34s	$2.4M	$1.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.430%Rate

Funding earned: $54.86
Price spread: +0.430% → +0.196%: $23.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $69.3
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 26 min ago; Hyperliquid: live order book, 3 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 Variational Omni RFQ quote, 26 min ago	5.96 bp	doesn't fit	156.2 bp −$1,562	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.76 bp	16.0 bp −$16	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-SWAP	−0.0097%	4h	7.6560	+0.187%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZENlong	−0.0072%	8h	7.6417	long leg	$51K	$151K	—
KuCoin ZENUSDTM	−0.0018%	8h	7.6520	+0.134%	$4.3M	$5.2M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6592	+0.229%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6547	+0.170%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0010%	8h	7.6580	+0.213%	$12.1M	$5.5M	200x	as long as short
Binance ZENUSDT	+0.0012%	8h	7.6573	+0.204%	$11.0M	$32.2M	75x	as long as short
Bitget ZENUSDT	+0.0032%	8h	7.6560	+0.187%	$2.8M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0038%	8h	7.6380	−0.049%	$838K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0072%	8h	7.6470	+0.069%	$53K	$381K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZENUSDT	+0.0100%	8h	7.6560	+0.187%	$4.6M	$6.8M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6570	+0.200%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6471	+0.070%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6500	+0.108%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6400	−0.023%	$1K	$1.4M	20x	as long as short
Hyperliquid ZENshort	+0.0189%	1h	7.6746	+0.430%	$2.4M	$1.9M	5x
Kraken Futures PF_ZENUSD	+0.1902%	1h	7.6594	+0.231%	$493K	$1.1M	25x	as long as short