Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Kalshi against Bulk+0.955%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$58as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.534%−$53 · spread now +0.955%, 7d avg +0.037%

Together, before fees−0.582%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.918% dearer against Bulk than usual: you sell high and buy low (spread +0.955% now, against its 7-day average of +0.037%): +$92 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 days. At the pace of the last 3 days (−0.048% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ZEC-USD	1,445	0.0100	pay 0.0013% / 1h	26m 06s	$890K	$32K	10x
Short	Kalshi KXZECPERP	1,458.8	0	get 0.0000% / 8h	6h 26m	$917K	$5.7M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now +0.955%Rate

Funding earned: −$21
Price spread: +0.955% → +0.037%: $91.76
Slippage, 4 orders: −$16.28
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $37.48
Costs to cover: 0.333%
Break-even: from the start

Slippage from Bulk: live order book, 63 min ago; Kalshi: live order book, 3 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 Bulk live order book, 63 min ago	0.07 bp	3.6 bp −$4	3.6 bp −$36	3.6 bp −$357	6.5 bp −$3,255
Sell Kalshi live order book, 3 min ago	8.07 bp	13.1 bp −$13	19.0 bp −$190	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	−0.3476%	1h	1,433.1	−0.821%	$33K	$275K	12x	as long as short
BloFin ZEC-USDT	−0.0085%	8h	1,458	+0.898%	$28.8M	$75.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,458.5	+0.931%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,456.6	+0.803%	$17.7M	$44.7M	25x	as long as short
Variational Omni ZEC	−0.0001%	8h	1,443	−0.136%	$45.4M	$32.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.3	+0.989%	$411K	$106K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,458.8	+0.955%	$917K	$5.7M	2.2x
Perpl ZEC	0.0000%	43m	1,457.5	+0.865%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,458.2	+0.910%	$593K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,458.2	+0.913%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0011%	8h	1,455.4	+0.721%	$267.9M	$677.1M	75x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,457.5	+0.864%	$292K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0025% / S +0.0071%	1h	1,457.9	+0.889%	$566K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0058%	8h	1,456.2	+0.774%	$173.5M	$1.36B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,457.8	+0.887%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0080%	8h	1,456.1	+0.767%	$49.3M	$190.1M	75x	as long as short
Aster ZECUSDT	+0.0092%	8h	1,458.4	+0.926%	$15.4M	$34.7M	75x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,457.3	+0.852%	$13K	$872K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,457.6	+0.870%	$18.8M	$54.5M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,457.5	+0.865%	$173K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,457.4	+0.859%	$60K	$38K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,458.8	+0.955%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,456.4	+0.788%	$752.7M	$497.0M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,460	+1.034%	$1.6M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,456.8	+0.817%	$664.2M	$2.54B	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,458.6	+0.940%	$395K	$522K	5x	as long as short
Bulk ZEC-USDlong	+0.0100%	1h	1,445	long leg	$890K	$32K	10x
MEXC ZEC_USDT	+0.0100%	8h	1,456	+0.759%	$216.7M	$895.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,456.7	+0.812%	$103.1M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,455.8	+0.745%	$161.1M	$313.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,456.3	+0.782%	—	$102.9M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,456.4	+0.786%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,444.1	−0.062%	$485K	$9.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,445.8	+0.052%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,445.6	+0.043%	$702K	$608K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.1	+0.767%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,457.2	+0.844%	$349K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457.7	+0.875%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,456.4	+0.788%	$443K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.4	+0.996%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,457	+0.833%	$221K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,457.4	+0.859%	$2.4M	$25.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,457.4	+0.858%	$3.8M	$5.4M	50x	as long as short
Phoenix ZEC	+0.0103%	1h	1,452.1	+0.488%	$4.5M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,457.8	+0.887%	$3.3M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,457.6	+0.873%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,458.1	+0.909%	$870K	$1.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,459.8	+1.024%	$3.7M	$11.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0459%	1h	1,453.5	+0.589%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,459.4	+0.998%	$743K	$8.0M	10x	as long as short
Lighter RH ZEC	+0.0672%	1h	1,459	+0.965%	$1.9M	$8.5M	10x	as long as short