Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.033%

Price spread now: Phoenix against Bitget+0.040%49s7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs+$42as 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−$270.266% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.688%+$69 on $10k

Price spread, last 7 days+0.113%+$11 · spread now +0.040%, 7d avg +0.138%

Together, before fees+0.800%+$80 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.098% cheaper against Bitget than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.138%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.688%, so the current rate has only just turned against you. The two prices were read 49 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	Bitget ZECUSDT	1,472.6	0.0100	pay 0.0100% / 8h	34m 39s	$163.2M	$302.1M	75x
Short	Phoenix ZEC	1,473.2	0.0024	get 0.0003% / 1h	34m 39s	$4.7M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$15.98
Price spread: +0.040% → +0.138%: −$9.8
Slippage, 4 orders: −$7.62
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.39
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Phoenix: 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 Bitget live order book, 5 min ago	0.03 bp	7.1 bp −$7	11.7 bp −$117	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	1.49 bp	6.1 bp −$6	13.4 bp −$134	49.6 bp −$4,960	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	1,473	+0.026%	$34K	$275K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0262%	1h	1,471.3	−0.088%	$399K	$516K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0225%	1h	1,473	+0.025%	$17.9M	$44.3M	25x	as long as short
Bybit ZECUSDT	−0.0108%	8h	1,471.9	−0.047%	$275.2M	$656.2M	75x	as long as short
BloFin ZEC-USDT	−0.0102%	8h	1,472.6	−0.001%	$29.6M	$75.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,471.8	−0.056%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0051%	8h	1,469.5	−0.211%	$47.0M	$33.7M	—	as long as short
ApeX Omni ZECUSDT	−0.0035%	1h	1,472	−0.041%	$431K	$832K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,472.7	+0.005%	$415K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,472.8	+0.014%	$903K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZEC	0.0000%	43m	1,471.6	−0.069%	$84K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.4	−0.017%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0011%	8h	1,472.2	−0.029%	$294K	$1.4M	20x	as long as short
Phoenix ZECshort	+0.0024%	1h	1,473.2	+0.040%	$4.7M	$1.6M	10x
01 Exchange ZECUSD	+0.0024%	1h	1,472.3	−0.018%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0035%	8h	1,472.4	−0.013%	$180.9M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,473.2	+0.039%	$50.8M	$186.3M	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,472.3	−0.018%	$372K	—	100x	as long as short
Lighter ZEC	+0.0096%	1h	1,474.1	+0.102%	$19.2M	$52.4M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472	−0.041%	$176K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,471.2	−0.093%	$13K	$830K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,472.6	−0.003%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,472.4	−0.014%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,474.1	+0.102%	$764.1M	$473.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,473	+0.025%	$15.0M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,473.4	+0.057%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.8	+0.012%	$683.8M	$2.46B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,473.9	+0.090%	$717K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,473.1	+0.032%	$909K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.7	+0.009%	$231.1M	$836.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.7	+0.009%	$103.9M	$56.0M	75x	as long as short
Bitget ZECUSDTlong	+0.0100%	8h	1,472.6	long leg	$163.2M	$302.1M	75x
BingX ZEC-USDT	+0.0100%	8h	1,472.8	+0.016%	—	$102.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,471.8	−0.056%	$514K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471.6	−0.067%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.4	−0.083%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,471.8	−0.054%	$346K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,471.9	−0.047%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.8	−0.124%	$448K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,474.2	+0.110%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.7	+0.010%	$238K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.6	−0.070%	$2.5M	$23.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,473.1	+0.033%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,473.6	+0.070%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.5	−0.007%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,472.6	+0.001%	$826K	$1.2M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0195%	1h	1,473.6	+0.066%	$615K	$1.3M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0429%	1h	1,474	+0.093%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,474.7	+0.139%	$3.8M	$10.7M	50x	as long as short
Lighter RH ZEC	+0.0480%	1h	1,474.6	+0.134%	$2.0M	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0694%	1h	1,473.2	+0.044%	$46K	$47K	10x	as long as short