Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.044%

Price spread now: Bitget against Hyperliquid−0.163%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days−0.005%−$1 · spread now −0.163%, 7d avg −0.089%

Together, before fees−0.057%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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: Bitget is 0.075% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6465	0.0100	pay 0.0013% / 1h	23m 36s	$2.4M	$1.3M	5x
Short	Bitget ZENUSDT	7.6340	0.0100	get 0.0100% / 8h	2h 23m	$2.8M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hyperliquid. 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 HyperliquidbpFee BitgetbpOrdersPrice spread, now −0.163%Rate

Funding earned: $0
Price spread: −0.163% → −0.089%: −$7.49
Slippage, 4 orders: −$38.21
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$66.7
Costs to cover: 0.592%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bitget: live order book, 4 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 Hyperliquid live order book, 7 min ago	1.38 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	4.60 bp	17.3 bp −$17	38.6 bp −$386	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
dYdX ZEN-USD	0.0000%	1h	7.6214	−0.329%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAP	+0.0046%	4h	7.6260	−0.268%	$2.2M	$5.2M	50x	as long as short
KuCoin ZENUSDTM	+0.0068%	8h	7.6350	−0.150%	$4.1M	$4.1M	50x	as long as short
Hyperliquid ZENlong	+0.0100%	1h	7.6465	long leg	$2.4M	$1.3M	5x
Aster ZENUSDT	+0.0100%	8h	7.6349	−0.151%	$43K	$389K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.6320	−0.190%	$10.9M	$29.8M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6260	−0.268%	$4.5M	$5.7M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.6320	−0.190%	$11.5M	$4.9M	200x	as long as short
Bitget ZENUSDTshort	+0.0100%	8h	7.6340	−0.163%	$2.8M	$3.1M	50x
BingX ZEN-USDT	+0.0100%	8h	7.6300	−0.216%	—	$3.1M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ZEN	+0.0100%	8h	7.5972	−0.644%	$54K	$89K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6110	−0.464%	$578K	$2.4M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6090	−0.490%	$26K	$677K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6470	+0.007%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.6315	−0.196%	$22K	$134K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6340	−0.163%	$819K	$1.5M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.3095%	1h	7.6637	+0.225%	$490K	$1.0M	25x	as long as short