Funding you earn now, next payment 01:00 UTC+0.2865%/8h= +313.8% APRpaid last 24h +0.349%
Price spread now: Kraken Futures against Bybit+0.379%55s7-day average +0.247% · you sell dearer than you buy
Net, funding: paid 7d − costs−$60as 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−$1871.873% of the position
Funding, last 7 days+1.271%+$127 on $10k
+Price spread, last 3 days (all we have)−0.258%−$26 · spread now +0.379%, 7d avg +0.247%
=Both sides work for this trade now. Funding pays +$86 a day on $10k at the current rate, and Kraken Futures is 0.132% dearer against Bybit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.247%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 1.271% in total (about 66.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit ZENUSDT | 7.7950 | 0.0100 | pay 0.0100% / 8h | 7h 04m | $4.7M | $6.1M | 75x |
| Short | Kraken Futures PF_ZENUSD | 7.8245 | 0.2965 | get 0.0371% / 1h | 4m 27s | $512K | $1.0M | 25x |
Bybit ZENUSDT
Kraken Futures PF_ZENUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $601.75
- Price spread: +0.379% → +0.247%
- $13.15
- Slippage, 4 orders
- −$166.28
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $427.63
- Costs to cover
- 1.873%
- Break-even
- 2.0 days
Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 4 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 Bybit live order book, 3 min ago | 1.28 bp | 41.5 bp −$41 | 156.6 bp −$1,566 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 4 min ago | 25.56 bp | 36.3 bp −$36 | 121.5 bp −$1,215 | 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 | 7.8085 | +0.173% | $9K | — | 5x | as long as short |
| Variational Omni ZEN | +0.0032% | 8h | 7.7861 | −0.115% | $52K | $85K | — | as long as short |
| Aster ZENUSDT | +0.0100% | 8h | 7.8130 | +0.231% | $53K | $378K | 10x | as long as short |
| Binance ZENUSDT | +0.0100% | 8h | 7.8057 | +0.138% | $11.4M | $31.2M | 75x | as long as short |
| Bybit ZENUSDTlong | +0.0100% | 8h | 7.7950 | long leg | $4.7M | $6.1M | 75x | |
| OKX ZEN-USDT-SWAP | +0.0100% | 4h | 7.8000 | +0.064% | $2.3M | $5.7M | 50x | as long as short |
| MEXC ZEN_USDT | +0.0100% | 8h | 7.8120 | +0.218% | $12.5M | $5.3M | 200x | as long as short |
| KuCoin ZENUSDTM | +0.0100% | 8h | 7.8070 | +0.154% | $4.5M | $4.8M | 50x | as long as short |
| Bitget ZENUSDT | +0.0100% | 8h | 7.8090 | +0.180% | $2.9M | $3.4M | 50x | as long as short |
| BingX ZEN-USDT | +0.0100% | 8h | 7.8010 | +0.077% | — | $3.3M | — | as long as short |
dYdX ZEN-USD
Variational Omni ZEN
Aster ZENUSDT
Binance ZENUSDT
OKX ZEN-USDT-SWAP
MEXC ZEN_USDT
KuCoin ZENUSDTM
Bitget ZENUSDT
BingX ZEN-USDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT ZEN_USDT_Perp | +0.0100% | 8h | 7.8130 | +0.231% | $590K | $1.7M | 10x | as long as short |
| ApeX Omni ZENUSDT | +0.0100% | 1h | 7.8200 | +0.321% | $27K | $687K | 50x | as long as short |
| SunX ZEN-USDT | +0.0100% | 8h | 7.7850 | −0.128% | $1K | $1.4M | 20x | as long as short |
| Extended ZEN-USD | +0.0104% | 1h | 7.8091 | +0.180% | $22K | $121K | 5x | as long as short |
| BloFin ZEN-USDT | +0.0220% | 8h | 7.7950 | 0.000% | $856K | $1.7M | 75x | as long as short |
| Hyperliquid ZEN | +0.0435% | 1h | 7.8346 | +0.508% | $2.5M | $1.7M | 5x | as long as short |
| Kraken Futures PF_ZENUSDshort | +0.2965% | 1h | 7.8245 | +0.379% | $512K | $1.0M | 25x |
GRVT ZEN_USDT_Perp
ApeX Omni ZENUSDT
SunX ZEN-USDT
Extended ZEN-USD
BloFin ZEN-USDT
Hyperliquid ZEN