Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.065%

Price spread now: Hyperliquid against Bullet+0.116%7-day average +0.002% · 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−$13as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Bullet Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 3 days (all we have)−0.562%−$56 · spread now +0.116%, 7d avg +0.002%

Together, before fees−0.463%+ Points / potential airdropHyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.115% dearer against Bullet than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ZEC-USD	1,469.9	0.0100	pay 0.0013% / 1h	0m 15s	$127K	$160K	20x
Short	Hyperliquid ZEC	1,471.6	0.0100	get 0.0013% / 1h	0m 15s	$763.8M	$479.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bullet. 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 BulletbpFee HyperliquidbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → +0.002%: $11.46
Slippage, 4 orders: −$6.97
Fee Bullet: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$12.51
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Bullet: live order book, 19 min ago; Hyperliquid: 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 Bullet live order book, 19 min ago	1.81 bp	6.6 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.34 bp	5.2 bp −$5	6.7 bp −$67	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	1,472.3	+0.162%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0403%	1h	1,470.3	+0.031%	$17.9M	$44.9M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0268%	1h	1,468.3	−0.108%	$398K	$516K	5x	as long as short
BloFin ZEC-USDT	−0.0109%	8h	1,470.2	+0.023%	$29.3M	$75.6M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,471	+0.073%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0079%	8h	1,469.3	−0.042%	$272.2M	$666.1M	75x	as long as short
Variational Omni ZEC	−0.0037%	8h	1,468.5	−0.097%	$46.8M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,471.1	+0.084%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.7	+0.053%	$896K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,470.7	+0.052%	$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
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,470.5	+0.040%	$598K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,470.3	+0.025%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0009%	8h	1,469.7	−0.016%	$294K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0037% / S +0.0009%	1h	1,470.2	+0.020%	$365K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0038%	8h	1,469.5	−0.029%	$178.7M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0046%	8h	1,470.3	+0.030%	$50.2M	$187.8M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,470.9	+0.067%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0075%	1h	1,473.5	+0.246%	$4.6M	$1.6M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,470.5	+0.039%	$175K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,471	+0.077%	$12K	$828K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.9	+0.071%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,471.6	+0.114%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZECshort	+0.0100%	1h	1,471.6	+0.116%	$763.8M	$479.3M	10x
Aster ZECUSDT	+0.0100%	8h	1,470.3	+0.029%	$15.6M	$32.4M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,471.7	+0.124%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,470	+0.005%	$679.4M	$2.47B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471.1	+0.084%	$908K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,470.3	+0.028%	$222.2M	$873.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.5	+0.040%	$103.8M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,469.9	0.000%	$162.6M	$303.9M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,469.9	+0.003%	—	$102.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.9	+0.068%	$513K	$9.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471.8	+0.132%	$3.0M	$482K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,471.1	+0.082%	$431K	$827K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,469.9	+0.003%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,470.3	+0.028%	$346K	$1.9M	10x	as long as short
Bullet ZEC-USDlong	+0.0100%	1h	1,469.9	long leg	$127K	$160K	20x
Derive ZEC-PERP	+0.0100%	1h	1,468.3	−0.110%	$448K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.8	+0.196%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,469.8	−0.007%	$226K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,469	−0.060%	$2.5M	$23.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,470.7	+0.057%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.1	+0.013%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,469.7	−0.015%	$37K	$366K	20x	as long as short
Lighter ZEC	+0.0112%	1h	1,471.8	+0.128%	$19.1M	$52.8M	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,471.4	+0.105%	$834K	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0211%	1h	1,471.4	+0.104%	$2.4M	$3.7M	15x	as long as short
Lighter RH ZEC	+0.0400%	1h	1,473.3	+0.230%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,473.5	+0.243%	$3.8M	$11.5M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,472.1	+0.150%	$719K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0615%	1h	1,471.3	+0.094%	$41K	$34K	10x	as long as short