Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1058%/8h= −115.9% APRpaid last 24h −0.474%

Price spread now: Bitget against Kraken Futures−0.108%7-day average −0.200% · you buy dearer than you sell

Net, funding: paid 7d − costs−$318as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

costs, in and out, $10k−$1701.705% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−1.478%−$148 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.108%, 7d avg −0.200%

Together, before fees−1.465%−$146 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.091% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.108% now, against its 7-day average of −0.200%): +$9 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.5952	0.1158	pay 0.0145% / 1h	8m 31s	$488K	$605K	25x
Short	Bitget ZENUSDT	7.5870	0.0100	get 0.0100% / 8h	5h 08m	$2.8M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$222.22
Price spread: −0.108% → −0.200%: $9.14
Slippage, 4 orders: −$148.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$383.54
Costs to cover: 1.705%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 38 min ago; Bitget: 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, 38 min ago	31.60 bp	92.0 bp −$92	173.8 bp −$1,738	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.96 bp	14.7 bp −$15	37.6 bp −$376	doesn't fit	doesn't fit

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
KuCoin ZENUSDTM	−0.0048%	8h	7.5920	−0.042%	$4.1M	$3.3M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.5798	−0.204%	$9K	—	5x	as long as short
ApeX Omni ZENUSDT	+0.0027%	1h	7.5660	−0.385%	$26K	$663K	50x	as long as short
OKX ZEN-USDT-SWAP	+0.0082%	4h	7.5850	−0.135%	$2.2M	$4.8M	50x	as long as short
Hyperliquid ZEN	+0.0100%	1h	7.6121	+0.222%	$2.4M	$990K	5x	as long as short
Aster ZENUSDT	+0.0100%	8h	7.5903	−0.065%	$34K	$386K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.5914	−0.050%	$10.9M	$27.9M	75x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.5880	−0.095%	$4.4M	$4.8M	75x	as long as short
MEXC ZEN_USDT	+0.0100%	8h	7.5940	−0.016%	$11.9M	$4.9M	200x	as long as short
Bitget ZENUSDTshort	+0.0100%	8h	7.5870	−0.108%	$2.8M	$2.8M	50x

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDT	+0.0100%	8h	7.5900	−0.069%	—	$2.8M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.5686	−0.351%	$50K	$54K	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.5759	−0.254%	$565K	$3.4M	10x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.5820	−0.174%	$1K	$1.2M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.5945	−0.010%	$22K	$240K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.5820	−0.174%	$819K	$1.5M	75x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1158%	1h	7.5952	long leg	$488K	$605K	25x