Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against BloFin−0.030%47s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs+$24as 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−$270.270% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.511%+$51 on $10k

Price spread, last 4 days (all we have)−0.178%−$18 · spread now −0.030%, 7d avg +0.021%

Together, before fees+0.333%+ Points / potential airdropHyperliquid: Season 2 · farm board+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.051% cheaper against BloFin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.021%). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$8 a day). The two prices were read 47 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 ZEC-USDT	1,509	−0.0171	get 0.0171% / 8h	14m 31s	$31.1M	$76.4M	75x
Short	Hyperliquid ZEC	1,508.5	0.0100	get 0.0013% / 1h	14m 31s	$789.6M	$441.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.030%Rate

Funding earned: $57
Price spread: −0.030% → +0.021%: −$5.12
Slippage, 4 orders: −$6.03
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $24.85
Costs to cover: 0.270%
Break-even: 3.9 days

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: live order book, 10 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, 5 min ago	0.87 bp	7.6 bp −$8	9.5 bp −$95	14.4 bp −$1,439	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.33 bp	4.8 bp −$5	6.0 bp −$60	12.2 bp −$1,222	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	−0.3442%	1h	1,479.6	−1.946%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,506.1	−0.186%	$62K	$303K	10x	as long as short
BloFin ZEC-USDTlong	−0.0171%	8h	1,509	long leg	$31.1M	$76.4M	75x
Bulk ZEC-USD	−0.0108%	1h	1,495.7	−0.877%	$810K	$100K	10x	as long as short
Aftermath Perps ZECUSD	−0.0083%	1h	1,500.7	−0.547%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,505.2	−0.249%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,507.3	−0.106%	$419K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,511.3	+0.156%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,506.1	−0.192%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,507.9	−0.073%	$18.1M	$47.2M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0063%	1h	1,507.4	−0.103%	$411K	$559K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,505.6	−0.224%	$303K	$864K	20x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,508.5	−0.028%	$8K	$6K	5x	as long as short
Phoenix ZEC	+0.0096%	1h	1,505.9	−0.205%	$4.8M	$1.4M	10x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,509.3	+0.024%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,507.7	−0.085%	$177K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,508.3	−0.040%	$14K	$891K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,508	−0.065%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,508.1	−0.055%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZECshort	+0.0100%	1h	1,508.5	−0.030%	$789.6M	$441.5M	10x
Aster ZECUSDT	+0.0100%	8h	1,507.4	−0.104%	$14.1M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,508.2	−0.047%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,507.9	−0.069%	$705.5M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,507.4	−0.101%	$272.0M	$620.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,507.6	−0.089%	$184.0M	$1.36B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,507.9	−0.070%	$58.7M	$187.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,508.2	−0.050%	$239.8M	$806.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,507.8	−0.077%	$103.6M	$56.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,507.8	−0.075%	$163.0M	$289.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,507.4	−0.101%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,501.9	−0.466%	$49.1M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,504.6	−0.289%	$576K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503.1	−0.390%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,504.4	−0.304%	$414K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,505	−0.263%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,507.6	−0.089%	$363K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.9	−0.203%	$170K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,502.7	−0.414%	$459K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,507.1	−0.121%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,507.4	−0.101%	$255K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,507.8	−0.078%	$2.7M	$20.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,509.5	+0.035%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,508.2	−0.051%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,504.7	−0.283%	$43K	$151K	20x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,508.4	−0.035%	$950K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0147% / S −0.0144%	1h	1,506	−0.195%	$335K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0154%	1h	1,507.6	−0.087%	$688K	$1.4M	25x	as long as short
Lighter ZEC	+0.0208%	1h	1,508.6	−0.021%	$19.9M	$46.4M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,508.6	−0.026%	$608K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,508.7	−0.015%	$3.7M	$9.6M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0497%	1h	1,509.1	+0.011%	$2.4M	$3.8M	15x	as long as short