Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h +0.025%

Price spread now: Hyperliquid against Bitget+0.219%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 7 days−0.132%−$13 · spread now +0.219%, 7d avg +0.079%

Together, before fees−0.103%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.140% dearer against Bitget than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget ZENUSDT	7.6310	0.0031	pay 0.0031% / 8h	2h 45m	$2.8M	$3.6M	50x
Short	Hyperliquid ZEN	7.6477	0.0100	get 0.0013% / 1h	45m 53s	$2.4M	$2.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.219%Rate

Funding earned: $14.49
Price spread: +0.219% → +0.079%: $14.02
Slippage, 4 orders: −$40.33
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.81
Costs to cover: 0.613%
Break-even: 22.9 days

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: live order book, 5 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 Bitget live order book, 2 min ago	3.28 bp	17.3 bp −$17	34.3 bp −$343	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.04 bp	17.4 bp −$17	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	−0.0157%	8h	7.6310	+0.001%	$51K	$232K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0063%	4h	7.6310	0.000%	$2.3M	$6.2M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6370	+0.079%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0006%	8h	7.6390	+0.105%	$4.3M	$5.3M	50x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6353	+0.056%	$25K	$110K	5x	as long as short
Binance ZENUSDT	+0.0009%	8h	7.6371	+0.080%	$10.9M	$33.1M	75x	as long as short
MEXC ZEN_USDT	+0.0010%	8h	7.6370	+0.079%	$12.0M	$6.1M	200x	as long as short
Bitget ZENUSDTlong	+0.0031%	8h	7.6310	long leg	$2.8M	$3.6M	50x
BloFin ZEN-USDT	+0.0041%	8h	7.6340	+0.039%	$838K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0054%	8h	7.6320	+0.013%	$54K	$381K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZENUSDT	+0.0081%	1h	7.6400	+0.118%	$27K	$682K	50x	as long as short
Bybit ZENUSDT	+0.0096%	8h	7.6320	+0.013%	$4.6M	$7.2M	75x	as long as short
BingX ZEN-USDT	+0.0097%	8h	7.6370	+0.079%	—	$3.4M	—	as long as short
Hyperliquid ZENshort	+0.0100%	1h	7.6477	+0.219%	$2.4M	$2.1M	5x
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6340	+0.040%	$578K	$1.6M	10x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6430	+0.157%	$1K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1136%	1h	7.6595	+0.373%	$493K	$1.1M	25x	as long as short