Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.052%

Price spread now: ApeX Omni against OKX−0.156%80s7-day average +0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.593% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.717%+$72 · spread now −0.156%, 7d avg +0.113%

Together, before fees+0.777%+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.269% cheaper against OKX than usual: you would sell low and buy high (spread −0.156% now, against its 7-day average of +0.113%). If the spread goes back, that is −$27 on $10k: about 49 days of funding at the current rate (+$1 a day). The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.6780	0.0082	pay 0.0041% / 4h	14m 07s	$2.3M	$5.4M	50x
Short	ApeX Omni ZENUSDT	7.6660	0.0100	get 0.0013% / 1h	14m 07s	$27K	$684K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −0.156%Rate

Funding earned: $3.83
Price spread: −0.156% → +0.113%: −$26.9
Slippage, 4 orders: −$39.27
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$82.35
Costs to cover: 0.593%
Break-even: 157.7 days

Slippage from OKX: live order book, 4 min ago; ApeX Omni: live order book, 44 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 OKX live order book, 4 min ago	1.30 bp	14.9 bp −$15	116.8 bp −$1,168	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 44 min ago	6.56 bp	13.3 bp −$13	105.9 bp −$1,059	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	7.6758	−0.029%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAPlong	+0.0082%	4h	7.6780	long leg	$2.3M	$5.4M	50x
Aster ZENUSDT	+0.0100%	8h	7.6818	+0.050%	$53K	$373K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.6818	+0.049%	$11.1M	$30.1M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6800	+0.026%	$4.5M	$5.9M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.6810	+0.039%	$11.7M	$5.1M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.6830	+0.065%	$4.1M	$4.4M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.6780	0.000%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6560	−0.287%	—	$3.1M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.6632	−0.193%	$55K	$89K	—	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	7.6670	−0.143%	$573K	$2.1M	10x	as long as short
ApeX Omni ZENUSDTshort	+0.0100%	1h	7.6660	−0.156%	$27K	$684K	50x
SunX ZEN-USDT	+0.0100%	8h	7.6870	+0.117%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.6768	−0.015%	$22K	$144K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6790	+0.013%	$825K	$1.6M	75x	as long as short
Hyperliquid ZEN	+0.0342%	1h	7.7013	+0.303%	$2.5M	$1.3M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3076%	1h	7.7053	+0.356%	$499K	$999K	25x	as long as short