Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.071%

Price spread now: KuCoin against Hyperliquid−0.311%7-day average −0.004% · you buy dearer than you sell

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

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 7 days+0.422%+$42 · spread now −0.311%, 7d avg −0.004%

Together, before fees+0.239%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.307% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.6829	0.0100	pay 0.0013% / 1h	8m 28s	$2.4M	$1.9M	5x
Short	KuCoin ZENUSDTM	7.6590	0.0012	get 0.0012% / 8h	2h 08m	$4.3M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.311%Rate

Funding earned: −$18.48
Price spread: −0.311% → −0.004%: −$30.68
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$70.16
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; KuCoin: live order book, 9 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, 3 min ago	1.24 bp	13.1 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	3.26 bp	32.8 bp −$33	74.6 bp −$746	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	−0.0081%	8h	7.6379	−0.586%	$51K	$151K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0075%	4h	7.6590	−0.311%	$2.3M	$5.9M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6746	−0.108%	$9K	—	5x	as long as short
KuCoin ZENUSDTMshort	+0.0012%	8h	7.6590	−0.311%	$4.3M	$5.2M	50x
Extended ZEN-USD	+0.0016%	1h	7.6612	−0.283%	$25K	$110K	5x	as long as short
MEXC ZEN_USDT	+0.0016%	8h	7.6630	−0.259%	$12.2M	$6.1M	200x	as long as short
Binance ZENUSDT	+0.0017%	8h	7.6630	−0.259%	$11.0M	$32.2M	75x	as long as short
Bitget ZENUSDT	+0.0036%	8h	7.6600	−0.298%	$2.8M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0066%	8h	7.6660	−0.220%	$838K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0072%	8h	7.6559	−0.351%	$54K	$379K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZENlong	+0.0100%	1h	7.6829	long leg	$2.4M	$1.9M	5x
Bybit ZENUSDT	+0.0100%	8h	7.6560	−0.350%	$4.6M	$6.8M	75x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6570	−0.337%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6534	−0.384%	$582K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6510	−0.415%	$27K	$682K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6580	−0.324%	$1K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSD	+0.1133%	1h	7.6777	−0.068%	$494K	$1.1M	25x	as long as short