Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.2132%/8h= −233.4% APRpaid last 24h −0.509%

Price spread now: Bybit against Kraken Futures−0.198%7-day average −0.251% · you buy dearer than you sell

Net, funding: paid 7d − costs−$331as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1811.812% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.502%−$150 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.198%, 7d avg −0.251%

Together, before fees−1.434%−$143 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.052% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.198% now, against its 7-day average of −0.251%): +$5 on $10k if it goes back. Holding the pair costs −$64 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−1.502% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.7394	0.2232	pay 0.0279% / 1h	11m 06s	$494K	$766K	25x
Short	Bybit ZENUSDT	7.7240	0.0100	get 0.0100% / 8h	11m 06s	$4.5M	$5.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$447.63
Price spread: −0.198% → −0.251%: $5.24
Slippage, 4 orders: −$160.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$623.6
Costs to cover: 1.812%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; Bybit: live order book, 2 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, 62 min ago	10.97 bp	69.8 bp −$70	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.59 bp	43.8 bp −$44	246.2 bp −$2,462	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	7.7254	−0.180%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0002%	8h	7.7290	−0.134%	$4.1M	$3.9M	50x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7290	−0.134%	$41K	$390K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7295	−0.127%	$11.1M	$29.7M	75x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.7240	−0.198%	$4.5M	$5.5M	75x
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7200	−0.250%	$2.3M	$5.3M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7270	−0.160%	$12.3M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7280	−0.147%	$2.9M	$3.0M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7260	−0.173%	—	$2.9M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.7003	−0.505%	$55K	$69K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7299	−0.122%	$585K	$2.8M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7260	−0.173%	$27K	$668K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7290	−0.134%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7259	−0.174%	$22K	$234K	5x	as long as short
Hyperliquid ZEN	+0.0196%	1h	7.7432	+0.050%	$2.4M	$1.3M	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.7250	−0.186%	$832K	$1.6M	75x	as long as short
Kraken Futures PF_ZENUSDlong	+0.2232%	1h	7.7394	long leg	$494K	$766K	25x