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 −0.035%

Price spread now: OKX against dYdX−0.080%50s7-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 OKX

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. OKX is 0.080% cheaper against dYdX than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ZEN-USD	7.7262	0	get 0.0000% / 1h	29m 47s	$9K	—	5x
Short	OKX ZEN-USDT-SWAP	7.7200	0.0100	get 0.0050% / 4h	1h 29m	$2.3M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.080%Rate

Funding earned: $21
Price spread: −0.080% → 0.000%: −$8.01
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.01
Costs to cover: 0.200%
Break-even: 9.3 days

Slippage unknown: dYdX: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	1.30 bp	8.7 bp −$9	87.5 bp −$875	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
dYdX ZEN-USDlong	0.0000%	1h	7.7262	long leg	$9K	—	5x
Variational Omni ZEN	+0.0098%	8h	7.7059	−0.262%	$51K	$83K	—	as long as short
Aster ZENUSDT	+0.0100%	8h	7.7248	−0.017%	$54K	$375K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.7227	−0.046%	$11.2M	$30.0M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7200	−0.080%	$4.6M	$5.8M	75x	as long as short
OKX ZEN-USDT-SWAPshort	+0.0100%	4h	7.7200	−0.080%	$2.3M	$5.4M	50x
MEXC ZEN_USDT	+0.0100%	8h	7.7230	−0.041%	$12.0M	$5.0M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.7260	−0.002%	$4.1M	$4.5M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.7260	−0.002%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7240	−0.028%	—	$3.2M	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7270	+0.011%	$578K	$1.9M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7180	−0.106%	$26K	$685K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7280	+0.023%	$1K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.7218	−0.056%	$25K	$127K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.7150	−0.145%	$849K	$1.6M	75x	as long as short
Hyperliquid ZEN	+0.0345%	1h	7.7373	+0.144%	$2.5M	$1.4M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3171%	1h	7.7468	+0.267%	$507K	$1.0M	25x	as long as short