Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h −0.034%

Price spread now: Aster against Hyperliquid−0.218%7-day average −0.088% · you buy dearer than you sell

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

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.370%+$37 · spread now −0.218%, 7d avg −0.088%

Together, before fees+0.308%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.129% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6800	0.0100	pay 0.0013% / 1h	37m 21s	$2.4M	$1.9M	5x
Short	Aster ZENUSDT	7.6633	0.0065	get 0.0065% / 8h	2h 37m	$54K	$381K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.218%Rate

Funding earned: −$7.44
Price spread: −0.218% → −0.088%: −$12.91
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$37.36
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Aster: live order book, 49 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 Hyperliquid live order book, 4 min ago	1.30 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 49 min ago	7.79 bp	23.3 bp −$23	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
Variational Omni ZEN	−0.0142%	8h	7.6510	−0.377%	$51K	$219K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0050%	4h	7.6600	−0.260%	$2.3M	$6.1M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6593	−0.269%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0016%	1h	7.6643	−0.204%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0016%	8h	7.6660	−0.182%	$12.1M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0017%	8h	7.6652	−0.192%	$11.0M	$32.8M	75x	as long as short
KuCoin ZENUSDTM	+0.0020%	8h	7.6650	−0.195%	$4.3M	$5.2M	50x	as long as short
Bitget ZENUSDT	+0.0037%	8h	7.6600	−0.260%	$2.8M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0064%	8h	7.6450	−0.456%	$835K	$1.9M	75x	as long as short
Aster ZENUSDTshort	+0.0065%	8h	7.6633	−0.218%	$54K	$381K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZENlong	+0.0100%	1h	7.6800	long leg	$2.4M	$1.9M	5x
Bybit ZENUSDT	+0.0100%	8h	7.6640	−0.208%	$4.6M	$7.1M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6620	−0.234%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6526	−0.357%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6530	−0.352%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6720	−0.104%	$2K	$1.5M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1133%	1h	7.6797	−0.004%	$494K	$1.1M	25x	as long as short