Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.016%

Price spread now: MEXC against dYdX−0.165%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 MEXC

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. MEXC is 0.165% cheaper against dYdX than usual: you would sell low and buy high (spread −0.165% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 18 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.7338	0	get 0.0000% / 1h	30m 26s	$9K	—	5x
Short	MEXC ZEN_USDT	7.7210	0.0031	get 0.0031% / 8h	3h 30m	$12.3M	$6.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.165%Rate

Funding earned: $6.51
Price spread: −0.165% → 0.000%: −$16.51
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$24
Costs to cover: 0.140%
Break-even: 32.8 days

Slippage unknown: dYdX: no order-book sample; MEXC: 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 dYdX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.65 bp	7.3 bp −$7	45.3 bp −$453	92.0 bp −$9,202	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
Variational Omni ZEN	−0.0196%	8h	7.7069	−0.348%	$51K	$250K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0041%	4h	7.7190	−0.191%	$2.3M	$7.3M	50x	as long as short
dYdX ZEN-USDlong	0.0000%	1h	7.7338	long leg	$9K	—	5x
MEXC ZEN_USDTshort	+0.0031%	8h	7.7210	−0.165%	$12.3M	$6.6M	200x
Binance ZENUSDT	+0.0031%	8h	7.7240	−0.126%	$10.9M	$35.2M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.7268	−0.090%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0043%	8h	7.7260	−0.100%	$4.4M	$5.5M	50x	as long as short
Bitget ZENUSDT	+0.0046%	8h	7.7260	−0.100%	$2.8M	$4.0M	50x	as long as short
Aster ZENUSDT	+0.0074%	8h	7.7221	−0.151%	$40K	$316K	10x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7210	−0.165%	$4.6M	$8.7M	75x	as long as short

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	−0.139%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7170	−0.217%	$579K	$1.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7060	−0.359%	$27K	$684K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7150	−0.243%	$1K	$1.5M	20x	as long as short
BloFin ZEN-USDT	+0.0127%	8h	7.7150	−0.243%	$828K	$2.1M	75x	as long as short
Hyperliquid ZEN	+0.0241%	1h	7.7433	+0.123%	$2.5M	$2.5M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.1341%	1h	7.7332	−0.008%	$491K	$1.2M	25x	as long as short