Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1309%/8h= −143.4% APRpaid last 24h −0.379%

Price spread now: Binance against Kraken Futures−0.240%7-day average −0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$219as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1000.997% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.188%−$119 on $10k

Price spread, last 3 days (all we have)+0.475%+$47 · spread now −0.240%, 7d avg −0.161%

Together, before fees−0.714%−$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Binance is 0.079% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.161%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.7315	0.1341	pay 0.0168% / 1h	32m 34s	$491K	$1.2M	25x
Short	Binance ZENUSDT	7.7129	0.0032	get 0.0032% / 8h	3h 32m	$10.9M	$35.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.240%Rate

Funding earned: −$274.97
Price spread: −0.240% → −0.161%: −$7.88
Slippage, 4 orders: −$79.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$382.53
Costs to cover: 0.997%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Binance: live order book, 14 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 Kraken Futures live order book, 1 min ago	10.37 bp	48.1 bp −$48	100.4 bp −$1,004	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.65 bp	12.6 bp −$13	29.6 bp −$296	231.2 bp −$23.1K	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	−0.0202%	8h	7.6976	−0.438%	$51K	$250K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0045%	4h	7.7100	−0.278%	$2.3M	$7.3M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7219	−0.123%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0031%	8h	7.7170	−0.187%	$12.3M	$6.5M	200x	as long as short
Binance ZENUSDTshort	+0.0032%	8h	7.7129	−0.240%	$10.9M	$35.3M	75x
Extended ZEN-USD	+0.0032%	1h	7.7154	−0.208%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0040%	8h	7.7240	−0.096%	$4.4M	$5.5M	50x	as long as short
Bitget ZENUSDT	+0.0046%	8h	7.7160	−0.200%	$2.8M	$4.0M	50x	as long as short
Aster ZENUSDT	+0.0073%	8h	7.7190	−0.162%	$40K	$316K	10x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7190	−0.161%	$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	7.7150	−0.213%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6897	−0.540%	$577K	$1.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7100	−0.278%	$27K	$685K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6990	−0.420%	$1K	$1.5M	20x	as long as short
BloFin ZEN-USDT	+0.0125%	8h	7.7110	−0.265%	$830K	$2.1M	75x	as long as short
Hyperliquid ZEN	+0.0234%	1h	7.7454	+0.180%	$2.5M	$2.5M	5x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1341%	1h	7.7315	long leg	$491K	$1.2M	25x