Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Derive against Backpack−0.110%48s7-day average −0.069% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.325%+$32 on $10k

Price spread, last 4 days (all we have)+1.493%+$149 · spread now −0.110%, 7d avg −0.069%

Together, before fees+1.817%+$182 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: Derive is 0.041% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.069%. The two prices were read 48 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	Backpack ZEC_USDC_PERP	1,459.9	0.0100	pay 0.0013% / 1h	22m 15s	$2.4M	$3.8M	15x
Short	Derive ZEC-PERP	1,458.3	0.0100	get 0.0013% / 1h	22m 15s	$445K	$521K	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Backpack. 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 BackpackbpFee DerivebpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.069%: −$4.14
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$20.14
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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 Backpack live order book, 2 min ago	0.03 bp	5.9 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ZEC on 51 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
Injective ZEC/USDC PERP	−0.3244%	1h	1,461.2	+0.088%	$34K	$272K	12x	as long as short
BloFin ZEC-USDT	−0.0082%	8h	1,459.5	−0.029%	$29.3M	$70.8M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,459.7	−0.016%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.7	−0.012%	$411K	$43K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,459.9	+0.001%	$1.5M	$5.1M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,459.1	−0.055%	$83K	$241K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,459.4	−0.038%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0047%	8h	1,459.6	−0.019%	$292K	$966K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0061% / S −0.0011%	1h	1,459.5	−0.027%	$410K	—	100x	as long as short
Phoenix ZEC	+0.0074%	1h	1,455.4	−0.308%	$4.6M	$1.4M	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,460.4	+0.029%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,460.8	+0.058%	$23K	$860K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,460.6	+0.045%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,460.4	+0.032%	$2.6M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,461.2	+0.088%	$764.6M	$430.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,459.5	−0.031%	$14.5M	$28.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,459.9	−0.001%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,459.6	−0.022%	$668.4M	$2.23B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,458.9	−0.071%	$266.3M	$604.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,459.2	−0.052%	$178.6M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,459.5	−0.029%	$395K	$432K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,456.1	−0.262%	$882K	$21K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,459.5	−0.027%	$49.8M	$174.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,459.7	−0.018%	$213.7M	$777.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,459.4	−0.034%	$102.2M	$55.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,459.7	−0.015%	$162.2M	$273.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,460.4	+0.031%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERPlong	+0.0100%	1h	1,459.9	long leg	$2.4M	$3.8M	15x
Variational Omni ZEC	+0.0100%	8h	1,455	−0.340%	$47.0M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,458.6	−0.091%	$568K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,454.9	−0.341%	$3.0M	$432K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,460.7	+0.053%	$411K	$908K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,460.3	+0.026%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,460.3	+0.026%	$332K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,459.8	−0.010%	$160K	$185K	20x	as long as short
Derive ZEC-PERPshort	+0.0100%	1h	1,458.3	−0.110%	$445K	$521K	6.7x
SunX ZEC-USDT	+0.0100%	8h	1,463	+0.208%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,459.9	−0.004%	$233K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,460.1	+0.012%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,459.5	−0.029%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,459.6	−0.020%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,459.3	−0.044%	$47K	$153K	20x	as long as short
01 Exchange ZECUSD	+0.0144%	1h	1,461.2	+0.086%	$8K	$7K	5x	as long as short
Kraken Futures PF_ZECUSD	+0.0195%	1h	1,459.6	−0.022%	$18.0M	$44.5M	25x	as long as short
Lighter ZEC	+0.0232%	1h	1,461	+0.072%	$19.2M	$46.7M	20x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,461.7	+0.119%	$705K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0368%	1h	1,461.1	+0.079%	$2.0M	$6.9M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,460.6	+0.044%	$834K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,462.4	+0.171%	$3.7M	$9.1M	50x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0484%	1h	1,460.6	+0.046%	$614K	$1.3M	25x	as long as short
Aftermath Perps ZECUSD	+0.0693%	1h	1,458.7	−0.084%	$45K	$49K	10x	as long as short