Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.039%

Price spread now: MEXC against Hyperliquid−0.256%7-day average −0.046% · you buy dearer than you sell

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

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 7 days+0.229%+$23 · spread now −0.256%, 7d avg −0.046%

Together, before fees+0.142%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.209% cheaper against Hyperliquid than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6666	0.0100	pay 0.0013% / 1h	12m 31s	$2.4M	$1.9M	5x
Short	MEXC ZEN_USDT	7.6470	0.0028	get 0.0028% / 8h	2h 12m	$12.1M	$6.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.256%Rate

Funding earned: −$15.12
Price spread: −0.256% → −0.046%: −$20.94
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$49.06
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; MEXC: live order book, 6 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 Hyperliquid live order book, 8 min ago	1.88 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	1.30 bp	6.6 bp −$7	19.7 bp −$197	80.0 bp −$8,003	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
Variational Omni ZEN	−0.0079%	8h	7.6852	+0.242%	$51K	$151K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0060%	4h	7.6350	−0.412%	$2.3M	$5.9M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6572	−0.122%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0021%	8h	7.6470	−0.256%	$4.3M	$5.2M	50x	as long as short
Binance ZENUSDT	+0.0024%	8h	7.6436	−0.301%	$11.0M	$32.3M	75x	as long as short
MEXC ZEN_USDTshort	+0.0028%	8h	7.6470	−0.256%	$12.1M	$6.1M	200x
Extended ZEN-USD	+0.0032%	1h	7.6467	−0.259%	$25K	$110K	5x	as long as short
Bitget ZENUSDT	+0.0041%	8h	7.6410	−0.334%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0076%	8h	7.6489	−0.231%	$54K	$381K	10x	as long as short
Hyperliquid ZENlong	+0.0100%	1h	7.6666	long leg	$2.4M	$1.9M	5x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZENUSDT	+0.0100%	8h	7.6350	−0.412%	$4.6M	$6.8M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6430	−0.308%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6842	+0.230%	$585K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6790	+0.162%	$27K	$681K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6630	−0.047%	$1K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0112%	8h	7.6710	+0.057%	$835K	$1.9M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1133%	1h	7.6767	+0.132%	$494K	$1.1M	25x	as long as short