Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX−0.035%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.035% cheaper against dYdX than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 28 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.7768	0	get 0.0000% / 1h	27m 37s	$9K	—	5x
Short	BingX ZEN-USDT	7.7740	0.0100	get 0.0100% / 8h	7h 27m	—	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $21
Price spread: −0.035% → 0.000%: −$3.54
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2.54
Costs to cover: 0.200%
Break-even: 7.8 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 7 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 7 min ago	1.29 bp	14.5 bp −$15	30.7 bp −$307	223.7 bp −$22.4K	446.8 bp −$223.4K

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-USDlong	0.0000%	1h	7.7768	long leg	$9K	—	5x
Variational Omni ZEN	+0.0003%	8h	7.7503	−0.340%	$52K	$85K	—	as long as short
Bybit ZENUSDT	+0.0037%	8h	7.7690	−0.100%	$4.7M	$6.1M	75x	as long as short
KuCoin ZENUSDTM	+0.0080%	8h	7.7800	+0.042%	$4.4M	$4.8M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7821	+0.069%	$53K	$378K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7749	−0.024%	$11.2M	$31.2M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7650	−0.151%	$2.3M	$5.7M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7750	−0.023%	$12.5M	$5.3M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7680	−0.113%	$2.9M	$3.4M	50x	as long as short
BingX ZEN-USDTshort	+0.0100%	8h	7.7740	−0.035%	—	$3.3M	—

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	7.7607	−0.206%	$583K	$1.7M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7480	−0.370%	$26K	$687K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7770	+0.003%	$2K	$1.4M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7717	−0.065%	$22K	$121K	5x	as long as short
Hyperliquid ZEN	+0.0156%	1h	7.7977	+0.269%	$2.4M	$1.8M	5x	as long as short
BloFin ZEN-USDT	+0.0218%	8h	7.7760	−0.010%	$851K	$1.8M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.2970%	1h	7.8117	+0.450%	$511K	$1.0M	25x	as long as short