Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Hyperliquid against SunX+0.280%7-day average +0.117% · you sell dearer than you buy

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.280%, 7d avg +0.117%

Together, before fees+0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.163% dearer against SunX than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of +0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZEN-USDT	7.6790	0.0100	pay 0.0100% / 8h	2h 27m	$2K	$1.4M	20x
Short	Hyperliquid ZEN	7.7005	0.0100	get 0.0013% / 1h	27m 37s	$2.4M	$1.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.280%Rate

Funding earned: $0
Price spread: +0.280% → +0.117%: $16.26
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$0.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 7 min ago; Hyperliquid: live order book, 3 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 SunX live order book, 7 min ago	500.07 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.63 bp	14.5 bp −$14	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
Variational Omni ZEN	−0.0117%	8h	7.6382	−0.532%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0033%	4h	7.6880	+0.117%	$2.3M	$6.0M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6808	+0.024%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0024%	1h	7.6849	+0.077%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0026%	8h	7.6890	+0.130%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0029%	8h	7.6905	+0.150%	$11.0M	$32.4M	75x	as long as short
KuCoin ZENUSDTM	+0.0035%	8h	7.6790	0.000%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0042%	8h	7.6880	+0.117%	$2.8M	$3.5M	50x	as long as short
Aster ZENUSDT	+0.0077%	8h	7.6791	+0.002%	$54K	$381K	10x	as long as short
BloFin ZEN-USDT	+0.0096%	8h	7.6600	−0.247%	$834K	$1.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZENshort	+0.0100%	1h	7.7005	+0.280%	$2.4M	$1.9M	5x
Bybit ZENUSDT	+0.0100%	8h	7.6860	+0.091%	$4.6M	$6.9M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6830	+0.052%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6580	−0.273%	$583K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6490	−0.391%	$27K	$682K	50x	as long as short
SunX ZEN-USDTlong	+0.0100%	8h	7.6790	long leg	$2K	$1.4M	20x
Kraken Futures PF_ZENUSD	+0.1131%	1h	7.6942	+0.198%	$495K	$1.1M	25x	as long as short