Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0645%/8h= −70.7% APRpaid last 24h −0.032%

Price spread now: Kalshi against Backpack−0.072%7-day average −0.356% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 7 days+1.144%+$114 · spread now −0.072%, 7d avg −0.356%

Together, before fees+1.337%+$134 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.284% dearer against Backpack than usual: you sell high and buy low (spread −0.072% now, against its 7-day average of −0.356%): +$28 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 35 hours. Mind the row above: over the last 7 days funding on this pair paid +0.193%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.193% in total (about 10.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZEC_USDC_PERP	1,475.7	0.0645	pay 0.0081% / 1h	56m 24s	$2.4M	$3.7M	15x
Short	Kalshi KXZECPERP	1,474.6	0	get 0.0000% / 8h	4h 56m	$898K	$5.6M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.072%Rate

Funding earned: −$135.53
Price spread: −0.072% → −0.356%: $28.44
Slippage, 4 orders: −$18.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$145.76
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Kalshi: 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 Backpack live order book, 3 min ago	0.03 bp	5.3 bp −$5	11.8 bp −$118	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	4.14 bp	18.1 bp −$18	21.9 bp −$219	doesn't fit	doesn't fit

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	−0.3089%	1h	1,474	−0.119%	$34K	$275K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0334%	1h	1,473.5	−0.150%	$400K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0224%	1h	1,475	−0.051%	$18.0M	$45.0M	25x	as long as short
BloFin ZEC-USDT	−0.0110%	8h	1,474.6	−0.078%	$29.5M	$75.8M	75x	as long as short
Bybit ZECUSDT	−0.0082%	8h	1,474.1	−0.108%	$273.5M	$666.0M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.9	−0.056%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0037%	8h	1,468.5	−0.491%	$46.8M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475	−0.045%	$415K	$104K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,474.6	−0.072%	$898K	$5.6M	2.2x
Perpl ZEC	0.0000%	43m	1,474.6	−0.079%	$84K	$404K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,475.1	−0.039%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0009%	8h	1,474.5	−0.081%	$295K	$1.4M	20x	as long as short
SoDEX ZEC-USD	+0.0031%	1h	1,474.6	−0.073%	$227K	$4.5M	10x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,475.2	−0.032%	$8K	$8K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0038% / S +0.0009%	1h	1,474.9	−0.053%	$366K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0040%	8h	1,474.5	−0.080%	$180.1M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,474.8	−0.062%	$50.4M	$183.6M	75x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0071%	1h	1,475.1	−0.040%	$615K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0075%	1h	1,470.8	−0.333%	$4.6M	$1.6M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.7	−0.072%	$176K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,475.4	−0.024%	$12K	$828K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474.6	−0.077%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,475	−0.045%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,476	+0.020%	$765.9M	$479.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,475	−0.048%	$15.7M	$32.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.2	−0.037%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.5	−0.082%	$681.5M	$2.47B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,475.3	−0.027%	$714K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471.1	−0.311%	$908K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,474.6	−0.076%	$224.9M	$827.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.8	−0.061%	$104.3M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.5	−0.085%	$162.9M	$304.1M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,473.6	−0.144%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.8	−0.331%	$513K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471	−0.321%	$3.0M	$482K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,472.7	−0.207%	$432K	$827K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,474.7	−0.070%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.7	−0.068%	$348K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.4	−0.087%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473.1	−0.174%	$449K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.5	+0.050%	$3K	$1.2M	20x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473.8	−0.133%	$2.5M	$23.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475	−0.050%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,475.2	−0.034%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.4	−0.085%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,475.4	−0.018%	$836K	$1.3M	10x	as long as short
Lighter ZEC	+0.0136%	1h	1,476.6	+0.061%	$19.1M	$52.1M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,476.8	+0.075%	$3.8M	$11.5M	50x	as long as short
Lighter RH ZEC	+0.0472%	1h	1,476.6	+0.062%	$2.0M	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0620%	1h	1,473	−0.183%	$41K	$34K	10x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0645%	1h	1,475.7	long leg	$2.4M	$3.7M	15x