Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1036%/8h= −113.4% APRpaid last 24h −0.387%

Price spread now: Bybit against Kraken Futures−0.273%7-day average −0.238% · you buy dearer than you sell

Net, funding: paid 7d − costs−$330as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$2092.085% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.211%−$121 on $10k

Price spread, last 3 days (all we have)+0.305%+$31 · spread now −0.273%, 7d avg −0.238%

Together, before fees−0.906%−$91 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Bybit is 0.035% 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 −0.238%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZENUSD	7.6589	0.1136	pay 0.0142% / 1h	59m 46s	$493K	$1.1M	25x
Short	Bybit ZENUSDT	7.6380	0.0100	get 0.0100% / 8h	1h 59m	$4.6M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.273%Rate

Funding earned: −$217.54
Price spread: −0.273% → −0.238%: −$3.5
Slippage, 4 orders: −$187.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$429.56
Costs to cover: 2.085%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Bybit: 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	43.71 bp	68.2 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	4.58 bp	42.9 bp −$43	173.4 bp −$1,734	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
OKX ZEN-USDT-SWAP	−0.0104%	4h	7.6380	−0.273%	$2.3M	$5.8M	50x	as long as short
Variational Omni ZEN	−0.0072%	8h	7.6417	−0.224%	$51K	$151K	—	as long as short
KuCoin ZENUSDTM	−0.0021%	8h	7.6480	−0.142%	$4.3M	$5.2M	50x	as long as short
dYdX ZEN-USD	0.0000%	1h	7.6506	−0.108%	$9K	—	5x	as long as short
Extended ZEN-USD	+0.0008%	1h	7.6450	−0.181%	$25K	$110K	5x	as long as short
Binance ZENUSDT	+0.0010%	8h	7.6435	−0.201%	$11.0M	$32.2M	75x	as long as short
MEXC ZEN_USDT	+0.0010%	8h	7.6450	−0.181%	$12.1M	$6.1M	200x	as long as short
Bitget ZENUSDT	+0.0028%	8h	7.6410	−0.233%	$2.8M	$3.5M	50x	as long as short
BloFin ZEN-USDT	+0.0041%	8h	7.6450	−0.181%	$838K	$1.9M	75x	as long as short
Aster ZENUSDT	+0.0070%	8h	7.6443	−0.191%	$53K	$381K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZEN	+0.0100%	1h	7.6553	−0.047%	$2.4M	$1.9M	5x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.6380	−0.273%	$4.6M	$6.8M	75x
BingX ZEN-USDT	+0.0100%	8h	7.6370	−0.286%	—	$3.4M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6389	−0.261%	$581K	$1.6M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.6440	−0.194%	$27K	$683K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6400	−0.247%	$1K	$1.4M	20x	as long as short
Kraken Futures PF_ZENUSDlong	+0.1136%	1h	7.6589	long leg	$493K	$1.1M	25x