Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1053%/8h= −115.3% APRpaid last 24h −0.474%

Price spread now: BingX against Kraken Futures−0.247%7-day average −0.205% · you buy dearer than you sell

Net, funding: paid 7d − costs−$298as in the Funding arb table

Net, price: spread back to 7d avg − costs−$155as in the Price arb table

costs, in and out, $10k−$1511.508% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.472%−$147 on $10k

Price spread, last 4 days (all we have)+0.274%+$27 · spread now −0.247%, 7d avg −0.205%

Together, before fees−1.198%−$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and BingX is 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.205%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.6278	0.1153	pay 0.0144% / 1h	51m 02s	$490K	$603K	25x
Short	BingX ZEN-USDT	7.6090	0.0100	get 0.0100% / 8h	5h 51m	—	$2.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.247%Rate

Funding earned: −$221.18
Price spread: −0.247% → −0.205%: −$4.24
Slippage, 4 orders: −$130.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$376.25
Costs to cover: 1.508%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 60 min ago; BingX: live order book, 2 min ago.

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 Kraken Futures live order book, 60 min ago	24.91 bp	88.4 bp −$88	219.8 bp −$2,198	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.62 bp	14.0 bp −$14	30.5 bp −$305	152.5 bp −$15.3K	418.1 bp −$209.0K

ZEN on 17 exchanges

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
ApeX Omni ZENUSDT	−0.0088%	1h	7.6470	+0.251%	$26K	$666K	50x	as long as short
KuCoin ZENUSDTM	−0.0009%	8h	7.6150	−0.168%	$4.1M	$3.5M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6261	−0.022%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAP	+0.0059%	4h	7.6060	−0.286%	$2.2M	$4.8M	50x	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.6271	−0.010%	$2.4M	$1.0M	5x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.6140	−0.181%	$36K	$383K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.6100	−0.233%	$10.9M	$28.0M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.6090	−0.247%	$4.5M	$4.8M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.6110	−0.221%	$11.9M	$4.8M	200x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.6090	−0.247%	$2.8M	$2.8M	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDTshort	+0.0100%	8h	7.6090	−0.247%	—	$2.8M	—
Variational Omni ZEN	+0.0100%	8h	7.6466	+0.245%	$50K	$55K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6349	+0.093%	$571K	$3.2M	10x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6260	−0.024%	$2K	$1.2M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.6075	−0.267%	$22K	$236K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6100	−0.234%	$829K	$1.5M	75x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1153%	1h	7.6278	long leg	$490K	$603K	25x