Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.030%

Price spread now: Bitget against dYdX−0.091%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 Bitget

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. Bitget is 0.091% cheaper against dYdX than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 7.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.6890	0	get 0.0000% / 1h	26m 56s	$9K	—	5x
Short	Bitget ZENUSDT	7.6820	0.0041	get 0.0041% / 8h	1h 26m	$2.8M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.091%Rate

Funding earned: $8.61
Price spread: −0.091% → 0.000%: −$9.1
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$22.49
Costs to cover: 0.220%
Break-even: 25.3 days

Slippage unknown: dYdX: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	4.56 bp	14.2 bp −$14	28.4 bp −$284	doesn't fit	doesn't fit

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 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
OKX ZEN-USDT-SWAP	−0.0113%	4h	7.6820	−0.091%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0053%	8h	7.6615	−0.357%	$51K	$150K	—	as long as short
KuCoin ZENUSDTM	−0.0047%	8h	7.6790	−0.130%	$4.3M	$5.0M	50x	as long as short
MEXC ZEN_USDT	−0.0003%	8h	7.6840	−0.065%	$12.2M	$5.6M	200x	as long as short
Binance ZENUSDT	−0.0001%	8h	7.6840	−0.065%	$11.1M	$31.8M	75x	as long as short
dYdX ZEN-USDlong	0.0000%	1h	7.6890	long leg	$9K	—	5x
Extended ZEN-USD	0.0000%	1h	7.6824	−0.085%	$25K	$110K	5x	as long as short
Bitget ZENUSDTshort	+0.0041%	8h	7.6820	−0.091%	$2.8M	$3.5M	50x
Aster ZENUSDT	+0.0063%	8h	7.6820	−0.091%	$53K	$380K	10x	as long as short
Bybit ZENUSDT	+0.0096%	8h	7.6800	−0.117%	$4.7M	$6.6M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZEN	+0.0100%	1h	7.7009	+0.155%	$2.4M	$1.8M	5x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6800	−0.117%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6760	−0.169%	$581K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6720	−0.221%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6750	−0.182%	$1K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0119%	8h	7.6820	−0.091%	$842K	$1.9M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.1888%	1h	7.7172	+0.366%	$505K	$1.1M	25x	as long as short