Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.084%

Price spread now: BingX against Coinbase International−0.114%7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 3 days (all we have)−0.243%−$24 · spread now −0.114%, 7d avg −0.184%

Together, before fees−0.404%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.071% dearer against Coinbase International than usual: you sell high and buy low (spread −0.114% now, against its 7-day average of −0.184%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.161% in total) that is about 3.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.161% in total (about -8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ZEC-PERP-INTX	1,453.4	0.0440	pay 0.0055% / 1h	51m 51s	$3.7M	$11.5M	50x
Short	BingX ZEC-USDC	1,451.7	0.0100	get 0.0100% / 8h	2h 51m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$71.4
Price spread: −0.114% → −0.184%: $7.08
Slippage, 4 orders: −$29.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$113.37
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; BingX: live order book, 1 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 Coinbase International live order book, 2 min ago	1.62 bp	13.4 bp −$13	15.8 bp −$158	46.1 bp −$4,612	doesn't fit
Sell BingX live order book, 1 min ago	0.07 bp	11.4 bp −$11	14.1 bp −$141	28.7 bp −$2,870	80.2 bp −$40.1K

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	1,437.6	−1.084%	$33K	$275K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,453.9	+0.034%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0072%	1h	1,451	−0.161%	$17.6M	$44.7M	25x	as long as short
BloFin ZEC-USDT	−0.0067%	8h	1,453.9	+0.036%	$29.0M	$75.8M	75x	as long as short
Variational Omni ZEC	−0.0034%	8h	1,451.4	−0.136%	$45.5M	$32.3M	—	as long as short
Bybit ZECUSDT	−0.0014%	8h	1,450.7	−0.181%	$269.2M	$677.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,454.8	+0.099%	$410K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,453.5	+0.008%	$848K	$5.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,451.7	−0.116%	$82K	$400K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,452.4	−0.069%	$566K	$1.3M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,451.5	−0.129%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0007%	8h	1,451.3	−0.144%	$291K	$1.5M	20x	as long as short
OKX ZEC-USDT-SWAP	+0.0035%	8h	1,451	−0.162%	$172.0M	$1.36B	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0039% / S +0.0063%	1h	1,451.4	−0.136%	$539K	—	100x	as long as short
Aster ZECUSDT	+0.0053%	8h	1,451.7	−0.116%	$15.2M	$35.2M	75x	as long as short
Gate ZEC_USDT	+0.0065%	8h	1,451.5	−0.129%	$49.1M	$185.2M	75x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,452.4	−0.065%	$8K	$8K	5x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,451.9	−0.099%	$17K	$886K	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,451.9	−0.103%	$177K	$2.0M	50x	as long as short
MEXC ZEC_USDT	+0.0097%	8h	1,451.7	−0.112%	$218.4M	$880.2M	150x	as long as short
Binance ZECUSDT	+0.0099%	8h	1,451.6	−0.119%	$658.4M	$2.55B	75x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,452.9	−0.031%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,452.9	−0.034%	$3.0M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,452	−0.094%	$750.7M	$492.8M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,454.4	+0.073%	$1.6M	$3.1M	10x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,449.8	−0.245%	$393K	$522K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,454.9	+0.105%	$896K	$37K	10x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,451.7	−0.115%	$103.5M	$57.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,450.9	−0.169%	$161.7M	$317.1M	75x	as long as short
BingX ZEC-USDCshort	+0.0100%	8h	1,451.7	−0.114%	—	$6.8M	—
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,451.6	−0.118%	$2.3M	$4.2M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,453.8	+0.031%	$488K	$9.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,452.9	−0.030%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,450.5	−0.196%	$705K	$604K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,454.2	+0.058%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,451.1	−0.156%	$298K	$2.1M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,451.3	−0.140%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,450.3	−0.214%	$441K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,457.6	+0.292%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,451.2	−0.147%	$219K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,451	−0.162%	$2.4M	$25.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,451.6	−0.125%	$3.7M	$5.5M	50x	as long as short
Phoenix ZEC	+0.0103%	1h	1,452.3	−0.076%	$4.6M	$1.6M	10x	as long as short
Lighter ZEC	+0.0104%	1h	1,452.6	−0.055%	$18.7M	$53.8M	20x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,451.4	−0.133%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,453	−0.026%	$862K	$2.5M	10x	as long as short
Extended ZEC-USD	+0.0328%	1h	1,451.4	−0.137%	$3.3M	$7.0M	10x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0440%	1h	1,453.4	long leg	$3.7M	$11.5M	50x
Aftermath Perps ZECUSD	+0.0466%	1h	1,453.5	+0.008%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,454.9	+0.107%	$750K	$7.8M	10x	as long as short
Lighter RH ZEC	+0.0672%	1h	1,453.4	+0.001%	$1.9M	$8.4M	10x	as long as short