Funding arb · Price arb /

ZEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h +0.030%

Price spread now: Bybit against OKX−0.091%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1181.177% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.091%, 7d avg −0.034%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.056% cheaper against OKX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.7010	0.0098	pay 0.0049% / 4h	1h 11m	$2.3M	$5.4M	50x
Short	Bybit ZENUSDT	7.6940	0.0100	get 0.0100% / 8h	5h 11m	$4.6M	$5.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0.47
Price spread: −0.091% → −0.034%: −$5.64
Slippage, 4 orders: −$96.68
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$122.85
Costs to cover: 1.177%
Break-even: 1832.0 days

Slippage from OKX: live order book, 2 min ago; Bybit: 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 OKX live order book, 2 min ago	1.30 bp	14.2 bp −$14	87.2 bp −$872	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.55 bp	43.7 bp −$44	171.8 bp −$1,718	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
dYdX ZEN-USD	0.0000%	1h	7.6940	−0.090%	$9K	—	5x	as long as short
OKX ZEN-USDT-SWAPlong	+0.0098%	4h	7.7010	long leg	$2.3M	$5.4M	50x
Aster ZENUSDT	+0.0100%	8h	7.6942	−0.088%	$53K	$375K	10x	as long as short
Binance ZENUSDT	+0.0100%	8h	7.6978	−0.042%	$11.2M	$29.8M	75x	as long as short
Bybit ZENUSDTshort	+0.0100%	8h	7.6940	−0.091%	$4.6M	$5.8M	75x
MEXC ZEN_USDT	+0.0100%	8h	7.6980	−0.039%	$12.0M	$5.0M	200x	as long as short
KuCoin ZENUSDTM	+0.0100%	8h	7.6940	−0.091%	$4.1M	$4.5M	50x	as long as short
Bitget ZENUSDT	+0.0100%	8h	7.6900	−0.143%	$2.9M	$3.2M	50x	as long as short
BingX ZEN-USDT	+0.0100%	8h	7.6900	−0.143%	—	$3.2M	—	as long as short
Variational Omni ZEN	+0.0100%	8h	7.7120	+0.143%	$51K	$83K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.6952	−0.076%	$574K	$1.9M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7010	0.000%	$26K	$685K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.6960	−0.065%	$2K	$1.3M	20x	as long as short
Extended ZEN-USD	+0.0104%	1h	7.6923	−0.112%	$25K	$121K	5x	as long as short
BloFin ZEN-USDT	+0.0220%	8h	7.6980	−0.039%	$847K	$1.6M	75x	as long as short
Hyperliquid ZEN	+0.0350%	1h	7.7106	+0.125%	$2.5M	$1.3M	5x	as long as short
Kraken Futures PF_ZENUSD	+0.3179%	1h	7.7280	+0.351%	$506K	$1.0M	25x	as long as short