Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.025%

Price spread now: SunX against Hyperliquid−0.267%7-day average −0.118% · you buy dearer than you sell

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

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.189%+$19 · spread now −0.267%, 7d avg −0.118%

Together, before fees+0.165%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.149% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.118%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZEN	7.8149	0.0276	pay 0.0035% / 1h	49m 16s	$2.5M	$1.8M	5x
Short	SunX ZEN-USDT	7.7940	0.0100	get 0.0100% / 8h	49m 16s	$2K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$37.05
Price spread: −0.267% → −0.118%: −$14.9
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$68.95
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; SunX: live order book, 5 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, 2 min ago	1.34 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	500.19 bp	doesn't fit	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	−0.0040%	8h	7.7765	−0.491%	$52K	$85K	—	as long as short
KuCoin ZENUSDTM	−0.0003%	8h	7.7870	−0.357%	$4.3M	$4.9M	50x	as long as short
OKX ZEN-USDT-SWAP	−0.0003%	4h	7.7990	−0.203%	$2.3M	$5.9M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7890	−0.332%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0044%	8h	7.7950	−0.255%	$12.5M	$5.4M	200x	as long as short
Binance ZENUSDT	+0.0047%	8h	7.8025	−0.158%	$11.3M	$31.6M	75x	as long as short
Extended ZEN-USD	+0.0048%	1h	7.7964	−0.236%	$26K	$118K	5x	as long as short
Bybit ZENUSDT	+0.0077%	8h	7.7930	−0.280%	$4.7M	$6.3M	75x	as long as short
BingX ZEN-USDT	+0.0085%	8h	7.7950	−0.255%	—	$3.4M	—	as long as short
Bitget ZENUSDT	+0.0089%	8h	7.7940	−0.267%	$2.9M	$3.5M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ZENUSDT	+0.0100%	8h	7.8000	−0.190%	$53K	$375K	10x	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7881	−0.343%	$581K	$1.7M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7860	−0.370%	$27K	$683K	50x	as long as short
SunX ZEN-USDTshort	+0.0100%	8h	7.7940	−0.267%	$2K	$1.4M	20x
BloFin ZEN-USDT	+0.0167%	8h	7.7940	−0.267%	$840K	$1.8M	75x	as long as short
Hyperliquid ZENlong	+0.0276%	1h	7.8149	long leg	$2.5M	$1.8M	5x
Kraken Futures PF_ZENUSD	+0.2633%	1h	7.8294	+0.185%	$512K	$1.1M	25x	as long as short