Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0275%/8h= −30.1% APRpaid last 24h −0.002%

Price spread now: SunX against Backpack+0.160%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1321.315% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.408%+$41 on $10k

Price spread, last 3 days (all we have)+0.303%+$30 · spread now +0.160%, 7d avg +0.103%

Together, before fees+0.711%+$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.057% dearer against Backpack than usual: you sell high and buy low (spread +0.160% now, against its 7-day average of +0.103%): +$6 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 7 days funding on this pair paid +0.408%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZEC_USDC_PERP	1,467.8	0.0375	pay 0.0047% / 1h	54m 42s	$2.3M	$4.1M	15x
Short	SunX ZEC-USDT	1,470.1	0.0100	get 0.0100% / 8h	1h 54m	$3K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.160%Rate

Funding earned: −$57.73
Price spread: +0.160% → +0.103%: $5.75
Slippage, 4 orders: −$113.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$183.52
Costs to cover: 1.315%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; SunX: live order book, 9 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, 4 min ago	0.03 bp	6.2 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	29.03 bp	68.3 bp −$68	doesn't fit	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	−0.3310%	1h	1,465.3	−0.167%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0404%	1h	1,467.8	+0.005%	$17.8M	$44.8M	25x	as long as short
BloFin ZEC-USDT	−0.0092%	8h	1,467.8	+0.001%	$29.0M	$76.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,467.9	+0.012%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0042%	8h	1,465.3	−0.171%	$271.1M	$681.1M	75x	as long as short
Variational Omni ZEC	−0.0022%	8h	1,467.5	−0.016%	$46.8M	$34.4M	—	as long as short
Ondo Perps ZEC-USD.P	−0.0020%	1h	1,463.8	−0.270%	$398K	$517K	5x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,466.8	−0.068%	$413K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,467.7	−0.007%	$940K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,467.9	+0.005%	$83K	$401K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,468.8	+0.070%	$598K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,468.5	+0.050%	$5.2M	—	150x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0009% / S +0.0078%	1h	1,468.2	+0.030%	$561K	—	100x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,468.2	+0.027%	$294K	$1.5M	20x	as long as short
01 Exchange ZECUSD	+0.0048%	1h	1,468.6	+0.059%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0053%	8h	1,465.7	−0.142%	$175.9M	$1.37B	50x	as long as short
Gate ZEC_USDT	+0.0059%	8h	1,466.2	−0.110%	$50.1M	$183.2M	75x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,468.2	+0.031%	$14K	$871K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,467	−0.055%	$19.0M	$52.3M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,468.5	+0.050%	$173K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,467.5	−0.021%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,468.3	+0.038%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,466.9	−0.060%	$761.4M	$487.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,466.3	−0.099%	$15.4M	$33.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,468.1	+0.022%	$1.7M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,465.2	−0.178%	$670.8M	$2.54B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.8	−0.476%	$899K	$25K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,466.2	−0.106%	$222.3M	$849.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,466.5	−0.089%	$103.5M	$57.1M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,465.8	−0.134%	$162.2M	$311.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,465.2	−0.176%	—	$6.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,463.9	−0.264%	$510K	$9.4M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,468.1	+0.025%	$3.0M	$492K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,468.2	+0.030%	$431K	$817K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,468.2	+0.028%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,468.6	+0.057%	$345K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,467.8	+0.001%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,466.7	−0.075%	$448K	$503K	6.7x	as long as short
SunX ZEC-USDTshort	+0.0100%	8h	1,470.1	+0.160%	$3K	$1.3M	20x
SoDEX ZEC-USD	+0.0100%	1h	1,467.8	+0.001%	$223K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,468.4	+0.044%	$2.4M	$24.5M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,467.6	−0.014%	$3.8M	$5.4M	50x	as long as short
Phoenix ZEC	+0.0103%	1h	1,464.5	−0.226%	$4.6M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,466.8	−0.069%	$3.3M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,468.3	+0.034%	$37K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,468.6	+0.055%	$846K	$1.8M	10x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0375%	1h	1,467.8	long leg	$2.3M	$4.1M	15x
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,471.1	+0.224%	$3.7M	$11.7M	50x	as long as short
Lighter RH ZEC	+0.0440%	1h	1,467.8	+0.003%	$2.0M	$8.2M	10x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,468.7	+0.061%	$729K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0518%	1h	1,465.7	−0.140%	$41K	$34K	10x	as long as short