Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.039%

Price spread now: MEXC against Hyperliquid−0.125%7-day average −0.049% · you buy dearer than you sell

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

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 7 days+0.097%+$10 · spread now −0.125%, 7d avg −0.049%

Together, before fees+0.009%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and MEXC is 0.076% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.7897	0.0100	pay 0.0013% / 1h	56m 53s	$2.4M	$1.8M	5x
Short	MEXC ZEN_USDT	7.7800	0.0087	get 0.0087% / 8h	7h 56m	$12.5M	$5.3M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$2.73
Price spread: −0.125% → −0.049%: −$7.6
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$23.33
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; MEXC: 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 Hyperliquid live order book, 4 min ago	1.60 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.93 bp	8.3 bp −$8	19.0 bp −$190	82.4 bp −$8,241	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	−0.0020%	8h	7.7715	−0.234%	$52K	$85K	—	as long as short
Bybit ZENUSDT	−0.0017%	8h	7.7760	−0.176%	$4.6M	$6.2M	75x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7819	−0.100%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAP	+0.0030%	4h	7.7730	−0.214%	$2.3M	$5.8M	50x	as long as short
KuCoin ZENUSDTM	+0.0056%	8h	7.7780	−0.150%	$4.4M	$4.9M	50x	as long as short
MEXC ZEN_USDTshort	+0.0087%	8h	7.7800	−0.125%	$12.5M	$5.3M	200x
Binance ZENUSDT	+0.0087%	8h	7.7780	−0.150%	$11.2M	$31.6M	75x	as long as short
Extended ZEN-USD	+0.0088%	1h	7.7764	−0.171%	$25K	$113K	5x	as long as short
Hyperliquid ZENlong	+0.0100%	1h	7.7897	long leg	$2.4M	$1.8M	5x
Aster ZENUSDT	+0.0100%	8h	7.7763	−0.172%	$53K	$378K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZENUSDT	+0.0100%	8h	7.7800	−0.125%	$2.9M	$3.5M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.7790	−0.137%	—	$3.3M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7779	−0.152%	$587K	$1.7M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7810	−0.112%	$27K	$686K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7630	−0.343%	$2K	$1.4M	20x	as long as short
BloFin ZEN-USDT	+0.0207%	8h	7.7750	−0.189%	$848K	$1.8M	75x	as long as short
Kraken Futures PF_ZENUSD	+0.2978%	1h	7.7916	+0.024%	$510K	$1.0M	25x	as long as short