Funding arb · Price arb /

ZAMA

all ZAMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0014%/8h= −1.5% APRnext payment −$0.07 per $10,000 · paid last 24h —

Price spread now: Phemex against BloFin+0.324%59s7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1181.183% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 6 hours (all we have)−0.225%−$22 · spread now +0.324%, 7d avg +0.100%

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.225% dearer against BloFin than usual: you sell high and buy low (spread +0.324% now, against its 7-day average of +0.100%): +$22 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 54 days. The two prices were read 59 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	BloFin ZAMA-USDT	0.09245	0.0114	pay 0.0057% / 4h	8m 05s	$819K	$418K	50x
Short	Phemex ZAMAUSDT	0.09275	0.0100	get 0.0050% / 4h	8m 05s	$223K	$484K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now +0.324%Rate

Funding earned: −$2.92
Price spread: +0.324% → +0.100%: $22.46
Slippage, 4 orders: −$94.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$98.75
Costs to cover: 1.183%
Break-even: never at this rate

Slippage from BloFin: live order book, 32 min ago; Phemex: 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 BloFin live order book, 32 min ago	5.92 bp	19.3 bp −$19	48.4 bp −$484	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.70 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit

ZAMA on 14 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
Aster ZAMAUSDT	+0.0100%	4h	0.09277	+0.344%	$306K	$1.5M	20x	as long as short
Binance ZAMAUSDT	+0.0100%	4h	0.09278	+0.359%	$18.6M	$89.3M	50x	as long as short
Bybit ZAMAUSDT	+0.0100%	4h	0.09274	+0.314%	$8.5M	$17.7M	25x	as long as short
OKX ZAMA-USDT-SWAP	+0.0100%	4h	0.09273	+0.303%	$5.3M	$62.9M	20x	as long as short
Gate ZAMA_USDT	+0.0100%	4h	0.09269	+0.260%	$1.0M	$4.8M	50x	as long as short
MEXC ZAMA_USDT	+0.0100%	4h	0.09278	+0.357%	$3.0M	$3.2M	50x	as long as short
KuCoin ZAMAUSDTM	+0.0100%	4h	0.09270	+0.270%	$937K	$942K	50x	as long as short
Bitget ZAMAUSDT	+0.0100%	4h	0.09279	+0.368%	$4.8M	$7.7M	20x	as long as short
BingX ZAMA-USDT	+0.0100%	4h	0.09276	+0.335%	—	$2.1M	—	as long as short
Variational Omni ZAMA	+0.0100%	4h	0.09243	−0.022%	$1.1M	$622K	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX ZAMA-USDT	+0.0100%	4h	0.09555	+3.353%	—	$721K	20x	as long as short
Phemex ZAMAUSDTshort	+0.0100%	4h	0.09275	+0.324%	$223K	$484K	20x
edgeX ZAMAUSDC	+0.0111%	4h	0.09280	+0.377%	$6K	$450K	10x	as long as short
BloFin ZAMA-USDTlong	+0.0114%	4h	0.09245	long leg	$819K	$418K	50x