Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against BloFin+0.261%7-day average +0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)−0.284%−$28 · spread now +0.261%, 7d avg +0.171%

Together, before fees−0.403%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.089% dearer against BloFin than usual: you sell high and buy low (spread +0.261% now, against its 7-day average of +0.171%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.120% in total) that is about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ZEN-USDT	7.7140	0.0220	pay 0.0220% / 8h	1h 33m	$833K	$1.6M	75x
Short	Hyperliquid ZEN	7.7341	0.0100	get 0.0013% / 1h	33m 12s	$2.4M	$1.3M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.261%Rate

Funding earned: −$25.2
Price spread: +0.261% → +0.171%: $8.92
Slippage, 4 orders: −$31.33
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$68.61
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Hyperliquid: live order book, 8 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 BloFin live order book, 4 min ago	0.65 bp	17.6 bp −$18	32.5 bp −$325	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.23 bp	6.4 bp −$6	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
dYdX ZEN-USD	0.0000%	1h	7.7136	−0.005%	$9K	—	5x	as long as short
KuCoin ZENUSDTM	+0.0046%	8h	7.7160	+0.026%	$4.1M	$4.0M	50x	as long as short
OKX ZEN-USDT-SWAP	+0.0066%	4h	7.7130	−0.013%	$2.3M	$5.4M	50x	as long as short
Hyperliquid ZENshort	+0.0100%	1h	7.7341	+0.261%	$2.4M	$1.3M	5x
Aster ZENUSDT	+0.0100%	8h	7.7207	+0.087%	$43K	$393K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7160	+0.026%	$11.1M	$30.2M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7110	−0.039%	$4.5M	$5.7M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7160	+0.026%	$11.9M	$5.0M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7110	−0.039%	$2.9M	$3.1M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7110	−0.039%	—	$3.1M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ZEN	+0.0100%	8h	7.6882	−0.335%	$54K	$83K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6954	−0.241%	$576K	$2.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7180	+0.052%	$27K	$674K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7160	+0.026%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7159	+0.024%	$22K	$133K	5x	as long as short
BloFin ZEN-USDTlong	+0.0220%	8h	7.7140	long leg	$833K	$1.6M	75x
Kraken Futures PF_ZENUSD	+0.2850%	1h	7.7362	+0.288%	$495K	$1.0M	25x	as long as short