Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1241%/8h= +135.9% APRpaid last 24h +0.398%

Price spread now: Kraken Futures against Bybit+0.145%7-day average +0.238% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1371.369% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.202%+$120 on $10k

Price spread, last 3 days (all we have)−0.318%−$32 · spread now +0.145%, 7d avg +0.238%

Together, before fees+0.884%+$88 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.093% cheaper against Bybit than usual: you would sell low and buy high (spread +0.145% now, against its 7-day average of +0.238%). If the spread goes back, that is −$9 on $10k: about 6 hours of funding at the current rate (+$37 a day). At the pace of the last 7 days (+1.202% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZENUSDT	7.7220	0.0100	pay 0.0100% / 8h	3h 30m	$4.6M	$8.7M	75x
Short	Kraken Futures PF_ZENUSD	7.7332	0.1341	get 0.0168% / 1h	30m 41s	$491K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.145%Rate

Funding earned: $260.56
Price spread: +0.145% → +0.238%: −$9.34
Slippage, 4 orders: −$115.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $114.35
Costs to cover: 1.369%
Break-even: 3.9 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Bybit live order book, 3 min ago	2.60 bp	30.2 bp −$30	145.6 bp −$1,456	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	10.37 bp	26.4 bp −$26	100.5 bp −$1,005	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	−0.0202%	8h	7.6976	−0.316%	$51K	$250K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0041%	4h	7.7220	0.000%	$2.3M	$7.3M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7338	+0.152%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0031%	8h	7.7280	+0.078%	$12.3M	$6.6M	200x	as long as short
Binance ZENUSDT	+0.0031%	8h	7.7260	+0.052%	$10.9M	$35.2M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.7268	+0.062%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0043%	8h	7.7280	+0.078%	$4.4M	$5.5M	50x	as long as short
Bitget ZENUSDT	+0.0046%	8h	7.7260	+0.052%	$2.8M	$4.0M	50x	as long as short
Aster ZENUSDT	+0.0074%	8h	7.7219	−0.001%	$40K	$316K	10x	as long as short
Bybit ZENUSDTlong	+0.0100%	8h	7.7220	long leg	$4.6M	$8.7M	75x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDT	+0.0100%	8h	7.7230	+0.013%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7170	−0.065%	$579K	$1.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7060	−0.207%	$27K	$684K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7150	−0.091%	$1K	$1.5M	20x	as long as short
BloFin ZEN-USDT	+0.0127%	8h	7.7150	−0.091%	$828K	$2.1M	75x	as long as short
Hyperliquid ZEN	+0.0242%	1h	7.7452	+0.300%	$2.5M	$2.5M	5x	as long as short
Kraken Futures PF_ZENUSDshort	+0.1341%	1h	7.7332	+0.145%	$491K	$1.2M	25x