Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.071%

Price spread now: Hyperliquid against KuCoin+0.166%7-day average +0.006% · you sell dearer than you buy

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

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 7 days−0.271%−$27 · spread now +0.166%, 7d avg +0.006%

Together, before fees−0.089%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.160% dearer against KuCoin than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZENUSDTM	7.7050	−0.0036	get 0.0036% / 8h	1h 12m	$4.3M	$5.0M	50x
Short	Hyperliquid ZEN	7.7178	0.0100	get 0.0013% / 1h	12m 33s	$2.4M	$1.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: $28.56
Price spread: +0.166% → +0.006%: $16.03
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $23.59
Costs to cover: 0.210%
Break-even: 1.2 days

Slippage unknown: KuCoin: live order book, 5 min ago; Hyperliquid: live order book, 8 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 KuCoin live order book, 5 min ago	3.90 bp	33.6 bp −$34	103.2 bp −$1,032	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.68 bp	doesn't fit	doesn't fit	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
OKX ZEN-USDT-SWAP	−0.0078%	4h	7.6950	−0.130%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0048%	8h	7.6805	−0.317%	$51K	$150K	—	as long as short
KuCoin ZENUSDTMlong	−0.0036%	8h	7.7050	long leg	$4.3M	$5.0M	50x
dYdX ZEN-USD	0.0000%	1h	7.7050	0.000%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6978	−0.094%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0009%	8h	7.6990	−0.078%	$12.2M	$5.6M	200x	as long as short
Binance ZENUSDT	+0.0010%	8h	7.6990	−0.078%	$11.1M	$31.7M	75x	as long as short
BloFin ZEN-USDT	+0.0039%	8h	7.7020	−0.039%	$838K	$1.9M	75x	as long as short
Bitget ZENUSDT	+0.0059%	8h	7.6940	−0.143%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0080%	8h	7.6993	−0.075%	$53K	$380K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZENUSDT	+0.0085%	8h	7.6940	−0.143%	$4.7M	$6.4M	75x	as long as short
ApeX Omni ZENUSDT	+0.0095%	1h	7.6910	−0.182%	$27K	$681K	50x	as long as short
BingX ZEN-USDT	+0.0095%	8h	7.7060	+0.013%	—	$3.4M	—	as long as short
Hyperliquid ZENshort	+0.0100%	1h	7.7178	+0.166%	$2.4M	$1.8M	5x
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6876	−0.225%	$573K	$1.6M	10x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6980	−0.091%	$1K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1883%	1h	7.7369	+0.413%	$506K	$1.1M	25x	as long as short