Funding arb · Price arb /

ZEN

all ZEN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1382%/8h= +151.3% APRpaid last 24h +0.447%

Price spread now: Kraken Futures against OKX+0.183%45s7-day average +0.242% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1081.081% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+1.253%+$125 on $10k

Price spread, last 3 days (all we have)−0.261%−$26 · spread now +0.183%, 7d avg +0.242%

Together, before fees+0.992%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.058% cheaper against OKX than usual: you would sell low and buy high (spread +0.183% now, against its 7-day average of +0.242%). If the spread goes back, that is −$6 on $10k: about 3 hours of funding at the current rate (+$41 a day). At the pace of the last 7 days (+1.253% in total) that is about 8 hours. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEN-USDT-SWAP	7.7190	−0.0041	get 0.0021% / 4h	3h 30m	$2.3M	$7.3M	50x
Short	Kraken Futures PF_ZENUSD	7.7332	0.1341	get 0.0168% / 1h	30m 27s	$491K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.183%Rate

Funding earned: $290.17
Price spread: +0.183% → +0.242%: −$5.81
Slippage, 4 orders: −$88.05
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $176.31
Costs to cover: 1.081%
Break-even: 2.7 days

Slippage from OKX: live order book, 3 min ago; Kraken Futures: live order book, 4 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, 3 min ago	1.95 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	10.37 bp	26.4 bp −$26	100.5 bp −$1,005	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	−0.157%	$51K	$250K	—	as long as short
OKX ZEN-USDT-SWAPlong	−0.0041%	4h	7.7190	long leg	$2.3M	$7.3M	50x
dYdX ZEN-USD	0.0000%	1h	7.7338	+0.191%	$9K	—	5x	as long as short
MEXC ZEN_USDT	+0.0031%	8h	7.7210	+0.026%	$12.3M	$6.6M	200x	as long as short
Binance ZENUSDT	+0.0031%	8h	7.7240	+0.065%	$10.9M	$35.2M	75x	as long as short
Extended ZEN-USD	+0.0032%	1h	7.7268	+0.101%	$25K	$110K	5x	as long as short
KuCoin ZENUSDTM	+0.0043%	8h	7.7260	+0.091%	$4.4M	$5.5M	50x	as long as short
Bitget ZENUSDT	+0.0046%	8h	7.7260	+0.091%	$2.8M	$4.0M	50x	as long as short
Aster ZENUSDT	+0.0074%	8h	7.7221	+0.040%	$40K	$316K	10x	as long as short
Bybit ZENUSDT	+0.0100%	8h	7.7210	+0.026%	$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	+0.052%	—	$3.5M	—	as long as short
GRVT ZEN_USDT_Perp	+0.0100%	8h	7.7170	−0.026%	$579K	$1.5M	10x	as long as short
ApeX Omni ZENUSDT	+0.0100%	1h	7.7060	−0.168%	$27K	$684K	50x	as long as short
SunX ZEN-USDT	+0.0100%	8h	7.7150	−0.052%	$1K	$1.5M	20x	as long as short
BloFin ZEN-USDT	+0.0127%	8h	7.7150	−0.052%	$828K	$2.1M	75x	as long as short
Hyperliquid ZEN	+0.0241%	1h	7.7433	+0.315%	$2.5M	$2.5M	5x	as long as short
Kraken Futures PF_ZENUSDshort	+0.1341%	1h	7.7332	+0.183%	$491K	$1.2M	25x