Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1214%/8h= −132.9% APRpaid last 24h −0.353%

Price spread now: BloFin against Kraken Futures−0.235%7-day average −0.188% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1011.011% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.966%−$97 on $10k

Price spread, last 3 days (all we have)+0.505%+$51 · spread now −0.235%, 7d avg −0.188%

Together, before fees−0.460%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and BloFin is 0.047% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.188%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.7332	0.1341	pay 0.0168% / 1h	30m 28s	$491K	$1.2M	25x
Short	BloFin ZEN-USDT	7.7150	0.0127	get 0.0127% / 8h	3h 30m	$828K	$2.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.235%Rate

Funding earned: −$254.96
Price spread: −0.235% → −0.188%: −$4.66
Slippage, 4 orders: −$79.05
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$360.68
Costs to cover: 1.011%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; BloFin: live order book, 3 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, 4 min ago	10.37 bp	48.1 bp −$48	100.4 bp −$1,004	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	5.19 bp	14.2 bp −$14	30.3 bp −$303	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	−0.0196%	8h	7.7069	−0.340%	$51K	$250K	—	as long as short
OKX ZEN-USDT-SWAP	−0.0041%	4h	7.7190	−0.183%	$2.3M	$7.3M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.7338	+0.008%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0031%	8h	7.7210	−0.157%	$12.3M	$6.6M	200x	as long as short
Binance ZENUSDT	+0.0031%	8h	7.7240	−0.119%	$10.9M	$35.2M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.7268	−0.082%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0043%	8h	7.7260	−0.093%	$4.4M	$5.5M	50x	as long as short
Bitget ZENUSDT	+0.0046%	8h	7.7260	−0.093%	$2.8M	$4.0M	50x	as long as short
Aster ZENUSDT	+0.0074%	8h	7.7221	−0.143%	$40K	$316K	10x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7210	−0.157%	$4.6M	$8.7M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ZEN-USDT	+0.0100%	8h	7.7230	−0.131%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7170	−0.209%	$579K	$1.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7060	−0.351%	$27K	$684K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7150	−0.235%	$1K	$1.5M	20x	as long as short
BloFin ZEN-USDTshort	+0.0127%	8h	7.7150	−0.235%	$828K	$2.1M	75x
Hyperliquid ZEN	+0.0241%	1h	7.7433	+0.131%	$2.5M	$2.5M	5x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1341%	1h	7.7332	long leg	$491K	$1.2M	25x