Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0432%/8h= −47.3% APRpaid last 24h −0.117%

Price spread now: Perpl against Coinbase International−0.230%7-day average −0.186% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now −0.230%, 7d avg −0.186%

Together, before fees−0.231%+ Points / potential airdropPerpl: Active · farm board−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Perpl is 0.044% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.186%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.070% in total (about -3.7% 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	1,473.4	0.0432	pay 0.0054% / 1h	29m 42s	$3.8M	$10.6M	50x
Short	Perpl ZEC	1,470	0	get 0.0000% / 43m	25m 42s	$83K	$404K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.230%Rate

Funding earned: −$90.72
Price spread: −0.230% → −0.186%: −$4.38
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$118.9
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 4 min ago; Perpl: no order-book sample. Net counts fees only.

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, 4 min ago	1.36 bp	10.4 bp −$10	14.4 bp −$144	41.0 bp −$4,103	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3089%	1h	1,472.3	−0.070%	$34K	$275K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0254%	1h	1,468.3	−0.344%	$399K	$515K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0225%	1h	1,470.5	−0.195%	$17.9M	$44.3M	25x	as long as short
Bybit ZECUSDT	−0.0111%	8h	1,470.2	−0.217%	$274.9M	$654.5M	75x	as long as short
BloFin ZEC-USDT	−0.0102%	8h	1,469.7	−0.248%	$29.6M	$75.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.1	−0.221%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0057%	8h	1,468.8	−0.310%	$46.8M	$33.8M	—	as long as short
ApeX Omni ZECUSDT	−0.0045%	1h	1,470.3	−0.206%	$431K	$841K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,471	−0.159%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.5	−0.195%	$902K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZECshort	0.0000%	43m	1,470	−0.230%	$83K	$404K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,471	−0.164%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0012%	8h	1,470.7	−0.183%	$294K	$1.4M	20x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,470.4	−0.204%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0024%	1h	1,471	−0.163%	$4.6M	$1.6M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0036%	8h	1,470.8	−0.174%	$180.7M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0046%	8h	1,470.4	−0.204%	$50.8M	$186.4M	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,471	−0.160%	$372K	—	100x	as long as short
Lighter ZEC	+0.0096%	1h	1,472.5	−0.059%	$19.2M	$52.4M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,470	−0.229%	$175K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,469.1	−0.290%	$13K	$834K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.8	−0.175%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.2	−0.214%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,471.7	−0.113%	$763.0M	$474.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,470.8	−0.177%	$15.0M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,471.4	−0.132%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,471	−0.161%	$683.9M	$2.46B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,472.7	−0.042%	$720K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,469.8	−0.245%	$894K	$39K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,471.2	−0.148%	$232.0M	$837.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,471	−0.164%	$103.6M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,471	−0.161%	$163.0M	$301.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,470.8	−0.178%	—	$102.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.1	−0.222%	$513K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.2	−0.215%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.8	−0.172%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,470.8	−0.174%	$345K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,471	−0.162%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,469.1	−0.288%	$448K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.2	−0.078%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.4	−0.202%	$238K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.3	−0.143%	$2.5M	$23.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,471.2	−0.150%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.7	−0.179%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.8	−0.178%	$37K	$366K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0121%	1h	1,471.5	−0.125%	$614K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,471.9	−0.101%	$825K	$1.2M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0416%	1h	1,471.6	−0.124%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0432%	1h	1,473.4	long leg	$3.8M	$10.6M	50x
Lighter RH ZEC	+0.0480%	1h	1,473	−0.023%	$2.0M	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0706%	1h	1,472.4	−0.068%	$46K	$47K	10x	as long as short