Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.076%

Price spread now: KuCoin against Coinbase International−0.018%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.370%−$37 · spread now −0.018%, 7d avg −0.134%

Together, before fees−0.577%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.116% dearer against Coinbase International than usual: you sell high and buy low (spread −0.018% now, against its 7-day average of −0.134%): +$12 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.207% in total) that is about 3.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.207% in total (about -10.8% 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	1,496.3	0.0480	pay 0.0060% / 1h	6m 37s	$3.7M	$10.1M	50x
Short	KuCoin ZECUSDTM	1,496.1	0.0100	get 0.0100% / 8h	1h 06m	$103.2M	$57.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$79.8
Price spread: −0.018% → −0.134%: $11.56
Slippage, 4 orders: −$23.08
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$113.32
Costs to cover: 0.451%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; KuCoin: 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 Coinbase International live order book, 2 min ago	1.37 bp	9.7 bp −$10	11.9 bp −$119	47.5 bp −$4,746	doesn't fit
Sell KuCoin live order book, 3 min ago	1.07 bp	10.2 bp −$10	11.3 bp −$113	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	−0.3684%	1h	1,479.6	−1.119%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,493.8	−0.172%	$61K	$304K	10x	as long as short
BloFin ZEC-USDT	−0.0149%	8h	1,495.9	−0.027%	$30.8M	$75.2M	75x	as long as short
Kraken Futures PF_ZECUSD	−0.0096%	1h	1,495.7	−0.041%	$18.1M	$46.5M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,494.6	−0.117%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,496.8	+0.035%	$416K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,495.2	−0.074%	$1.5M	$4.7M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,495.7	−0.043%	$5.3M	—	150x	as long as short
Aftermath Perps ZECUSD	+0.0015%	1h	1,495.3	−0.066%	$48K	$64K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0074%	1h	1,496.3	−0.002%	$683K	$1.4M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0080%	8h	1,495.3	−0.071%	$301K	$1.1M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,495.4	−0.065%	$171K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,495.4	−0.065%	$12K	$876K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,497.2	+0.057%	$62K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,496.1	−0.018%	$3.1M	$7.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,496	−0.022%	$14.0M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,496.8	+0.033%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,496.7	+0.022%	$697.2M	$2.31B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,495.9	−0.028%	$267.9M	$630.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,496.2	−0.011%	$182.7M	$1.34B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,494.1	−0.149%	$408K	$554K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,494.2	−0.140%	$903K	$7K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,495.9	−0.027%	$55.2M	$187.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,496.4	+0.005%	$242.3M	$799.3M	150x	as long as short
KuCoin ZECUSDTMshort	+0.0100%	8h	1,496.1	−0.018%	$103.2M	$57.4M	75x
Bitget ZECUSDT	+0.0100%	8h	1,496.5	+0.009%	$161.0M	$289.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,495.6	−0.050%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,496.1	−0.014%	$48.9M	$34.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,495.1	−0.080%	$573K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,494.7	−0.107%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,496.3	0.000%	$412K	$942K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,495.8	−0.036%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,495.6	−0.049%	$358K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,495.6	−0.049%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,495.2	−0.078%	$456K	$500K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,497.6	+0.086%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,495.5	−0.054%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,496.1	−0.019%	$2.7M	$20.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,495.6	−0.049%	$4.0M	$5.0M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,496.1	−0.014%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,495.1	−0.080%	$43K	$151K	20x	as long as short
Hyperliquid ZEC	+0.0119%	1h	1,497.6	+0.085%	$780.9M	$445.7M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,496	−0.025%	$8K	$7K	5x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,496.7	+0.027%	$940K	$1.1M	10x	as long as short
Phoenix ZEC	+0.0134%	1h	1,495.2	−0.076%	$4.8M	$1.4M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0136% / S −0.0131%	1h	1,495.6	−0.052%	$396K	—	100x	as long as short
Lighter RH ZEC	+0.0200%	1h	1,498	+0.110%	$2.1M	$7.5M	10x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,497.3	+0.067%	$611K	$8.7M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0252%	1h	1,496.5	+0.012%	$2.3M	$3.9M	15x	as long as short
Lighter ZEC	+0.0272%	1h	1,498.4	+0.141%	$19.7M	$47.1M	20x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0480%	1h	1,496.3	long leg	$3.7M	$10.1M	50x