Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against dYdX−0.054%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.054% cheaper against dYdX than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 43 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.7592	0	get 0.0000% / 1h	58m 48s	$9K	—	5x
Short	BingX ZEN-USDT	7.7550	0.0100	get 0.0100% / 8h	5h 58m	—	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.054%Rate

Funding earned: $21
Price spread: −0.054% → 0.000%: −$5.39
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$4.39
Costs to cover: 0.200%
Break-even: 8.5 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 6 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	4.50 bp	19.2 bp −$19	35.8 bp −$358	201.3 bp −$20.1K	478.4 bp −$239.2K

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ZEN on 16 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-USDlong	0.0000%	1h	7.7592	long leg	$9K	—	5x
Variational Omni ZEN	+0.0098%	8h	7.7671	+0.103%	$52K	$84K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7609	+0.022%	$55K	$375K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7599	+0.009%	$11.2M	$30.4M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7500	−0.118%	$4.6M	$5.8M	75x	as long as short
OKX ZEN-USDT-SWAP	+0.0100%	4h	7.7480	−0.144%	$2.3M	$5.4M	50x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.7600	+0.011%	$12.2M	$5.0M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.7570	−0.028%	$4.2M	$4.6M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7600	+0.011%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDTshort	+0.0100%	8h	7.7550	−0.054%	—	$3.2M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7590	−0.002%	$587K	$1.8M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7760	+0.217%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7600	+0.011%	$1K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7587	−0.006%	$24K	$124K	5x	as long as short
Hyperliquid ZEN	+0.0455%	1h	7.7757	+0.213%	$2.5M	$1.4M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3154%	1h	7.7894	+0.389%	$510K	$1.0M	25x	as long as short