Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.107%

Price spread now: Kalshi against Coinbase International−0.053%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 4 days (all we have)−1.428%−$143 · spread now −0.053%, 7d avg −0.103%

Together, before fees−1.566%−$157 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.050% dearer against Coinbase International than usual: you sell high and buy low (spread −0.053% now, against its 7-day average of −0.103%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.138% in total) that is about 2.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.138% in total (about -7.2% 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	1,498.9	0.0368	pay 0.0046% / 1h	3m 41s	$3.9M	$9.8M	50x
Short	Kalshi KXZECPERP	1,498.1	0	get 0.0000% / 8h	3h 03m	$1.5M	$5.0M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.053%Rate

Funding earned: −$77.28
Price spread: −0.053% → −0.103%: $4.98
Slippage, 4 orders: −$28.05
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$120.35
Costs to cover: 0.481%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Kalshi: live order book, 5 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, 5 min ago	1.77 bp	14.7 bp −$15	20.8 bp −$208	63.4 bp −$6,344	doesn't fit
Sell Kalshi live order book, 5 min ago	6.72 bp	11.7 bp −$12	17.6 bp −$176	doesn't fit	doesn't fit

ZEC on 50 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	−0.3702%	1h	1,491.4	−0.502%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,495.4	−0.230%	$61K	$307K	10x	as long as short
Aftermath Perps ZECUSD	−0.0254%	1h	1,500.4	+0.100%	$46K	$60K	10x	as long as short
BloFin ZEC-USDT	−0.0155%	8h	1,499	+0.010%	$31.5M	$75.6M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,498.6	−0.019%	$6K	$1K	10x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,498.1	−0.053%	$1.5M	$5.0M	2.2x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,496.7	−0.147%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,496.7	−0.148%	$18.3M	$47.3M	25x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,496.5	−0.156%	$8K	$6K	5x	as long as short
dYdX ZEC-USD	+0.0067%	1h	1,496	−0.189%	$413K	$34K	5x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0082%	1h	1,503	+0.273%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,496.3	−0.172%	$302K	$860K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,498	−0.057%	$19.6M	$46.0M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,498.5	−0.023%	$2.1M	$7.7M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,496.4	−0.165%	$176K	$1.8M	50x	as long as short
Gate ZEC_USDT	+0.0098%	8h	1,496.9	−0.134%	$60.3M	$189.7M	75x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,497	−0.126%	$62K	$16K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,497.2	−0.115%	$13K	$893K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,497.6	−0.089%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,498.3	−0.039%	$785.3M	$445.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,496.4	−0.165%	$14.0M	$29.4M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,497.3	−0.108%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,497.1	−0.117%	$706.3M	$2.28B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,496.2	−0.181%	$272.2M	$606.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,496.7	−0.144%	$185.7M	$1.34B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,496.9	−0.132%	$407K	$530K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,498.1	−0.050%	$607K	$8.7M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,501.6	+0.178%	$772K	$147K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,497.1	−0.118%	$405.4M	$847.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,496.9	−0.130%	$102.5M	$55.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,497.1	−0.121%	$163.1M	$290.8M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,496	−0.193%	—	$6.6M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,497.2	−0.114%	$2.3M	$3.7M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,499.4	+0.036%	$49.5M	$35.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,497.3	−0.109%	$547K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,500.7	+0.124%	$3.1M	$561K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,498.6	−0.019%	$411K	$954K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,500.5	+0.111%	$50K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,496.2	−0.179%	$371K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,496.6	−0.155%	$167K	$190K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,498.8	−0.007%	$2K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,496.4	−0.166%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,497	−0.125%	$2.7M	$20.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,497.5	−0.092%	$4.0M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,496.8	−0.139%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,496.5	−0.161%	$43K	$157K	20x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,497.1	−0.118%	$987K	$1.2M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0166% / S −0.0165%	1h	1,496.3	−0.169%	$340K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0189%	1h	1,497.2	−0.112%	$685K	$1.3M	25x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0368%	1h	1,498.9	long leg	$3.9M	$9.8M	50x