Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.016%

Price spread now: BingX against Extended−0.243%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$740.745% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.260%+$26 · spread now −0.243%, 7d avg +0.021%

Together, before fees+0.318%+ Points / potential airdropExtended: Active · farm board+$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.264% cheaper against Extended than usual: you would sell low and buy high, −$26 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ZEN-USD	7.7578	0.0104	pay 0.0013% / 1h	58m 27s	$24K	$124K	5x
Short	BingX ZEN-USDT	7.7390	0.0100	get 0.0100% / 8h	5h 58m	—	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now −0.243%Rate

Funding earned: −$0.84
Price spread: −0.243% → +0.021%: −$26.43
Slippage, 4 orders: −$59.48
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.75
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; BingX: live order book, 6 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 Extended live order book, 2 min ago	2.64 bp	18.9 bp −$19	205.5 bp −$2,055	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	4.50 bp	19.2 bp −$19	35.8 bp −$358	201.3 bp −$20.1K	478.4 bp −$239.2K

ZEN on 16 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	7.7592	+0.017%	$9K	—	5x	as long as short
Variational Omni ZEN	+0.0098%	8h	7.7671	+0.120%	$52K	$84K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7591	+0.017%	$55K	$375K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7367	−0.272%	$11.2M	$30.3M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7290	−0.372%	$4.6M	$5.8M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7250	−0.423%	$2.3M	$5.4M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7410	−0.217%	$12.1M	$5.0M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.7420	−0.204%	$4.2M	$4.6M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7380	−0.256%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDTshort	+0.0100%	8h	7.7390	−0.243%	—	$3.2M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7590	+0.015%	$587K	$1.8M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7760	+0.234%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7600	+0.028%	$1K	$1.3M	20x	as long as short
Extended ZEN-USDlong	+0.0104%	1h	7.7578	long leg	$24K	$124K	5x
Hyperliquid ZEN	+0.0394%	1h	7.7542	−0.047%	$2.5M	$1.4M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3154%	1h	7.7894	+0.406%	$510K	$1.0M	25x	as long as short