Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.074%

Price spread now: Hyperliquid against Bybit+0.298%7-day average +0.131% · you sell dearer than you buy

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

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 7 days−0.280%−$28 · spread now +0.298%, 7d avg +0.131%

Together, before fees−0.157%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.167% dearer against Bybit than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZENUSDT	7.7490	0.0100	pay 0.0100% / 8h	7h 09m	$4.5M	$5.4M	75x
Short	Hyperliquid ZEN	7.7721	0.0151	get 0.0019% / 1h	9m 01s	$2.4M	$1.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.298%Rate

Funding earned: $10.78
Price spread: +0.298% → +0.131%: $16.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $7.45
Costs to cover: 0.200%
Break-even: 2.2 days

Slippage unknown: Bybit: live order book, 4 min ago; Hyperliquid: live order book, 2 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 Bybit live order book, 4 min ago	2.58 bp	41.7 bp −$42	156.5 bp −$1,565	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	2.25 bp	14.8 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
dYdX ZEN-USD	0.0000%	1h	7.7577	+0.112%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0034%	8h	7.7590	+0.129%	$4.1M	$3.6M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7575	+0.110%	$42K	$387K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7520	+0.039%	$11.2M	$29.3M	75x	as long as short
Bybit ZENUSDTlong	+0.0100%	8h	7.7490	long leg	$4.5M	$5.4M	75x
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7450	−0.052%	$2.3M	$5.3M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7560	+0.090%	$12.1M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7490	0.000%	$2.8M	$3.0M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7530	+0.052%	—	$2.9M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.7632	+0.183%	$51K	$55K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7668	+0.229%	$581K	$3.0M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7510	+0.026%	$27K	$667K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7560	+0.090%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7526	+0.047%	$22K	$236K	5x	as long as short
Hyperliquid ZENshort	+0.0151%	1h	7.7721	+0.298%	$2.4M	$1.2M	5x
BloFin ZEN-USDT	+0.0220%	8h	7.7520	+0.039%	$833K	$1.6M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1691%	1h	7.7765	+0.355%	$499K	$699K	25x	as long as short