Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.005%

Price spread now: Bybit against dYdX−0.069%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 Bybit

What this pair did over the last

the charts below follow

Funding, last 6 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. Bybit is 0.069% cheaper against dYdX than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.3 days 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	7.6783	0	get 0.0000% / 1h	33m 25s	$9K	—	5x
Short	Bybit ZENUSDT	7.6730	0.0100	get 0.0100% / 8h	7h 33m	$4.5M	$5.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.069%Rate

Funding earned: $21
Price spread: −0.069% → 0.000%: −$6.87
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.87
Costs to cover: 0.210%
Break-even: 9.3 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	2.60 bp	40.5 bp −$41	167.4 bp −$1,674	doesn't fit	doesn't fit

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	7.6783	long leg	$9K	—	5x
KuCoin ZENUSDTM	+0.0020%	8h	7.6760	−0.030%	$4.1M	$3.8M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.6882	+0.129%	$41K	$394K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.6724	−0.076%	$11.0M	$29.6M	75x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.6730	−0.069%	$4.5M	$5.5M	75x
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.6720	−0.082%	$2.3M	$5.3M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.6750	−0.043%	$12.1M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.6860	+0.101%	$2.8M	$3.0M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6720	−0.082%	—	$2.9M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.6902	+0.156%	$55K	$69K	—	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	7.6930	+0.192%	$578K	$2.9M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6990	+0.270%	$27K	$667K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6950	+0.218%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.6709	−0.096%	$24K	$236K	5x	as long as short
Hyperliquid ZEN	+0.0205%	1h	7.6907	+0.162%	$2.4M	$1.3M	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6980	+0.257%	$837K	$1.7M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1705%	1h	7.7121	+0.441%	$495K	$751K	25x	as long as short