Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0364%/8h= −39.9% APRpaid last 24h −0.074%

Price spread now: Phemex against Coinbase International−0.117%7-day average −0.101% · 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−$59as in the Price arb table

costs, in and out, $10k−$580.577% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now −0.117%, 7d avg −0.101%

Together, before fees−0.117%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.101%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% 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	1,465.9	0.0464	pay 0.0058% / 1h	8m 03s	$3.8M	$8.9M	50x
Short	Phemex ZECUSDT	1,464.2	0.0100	get 0.0100% / 8h	3h 08m	$3.9M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$76.44
Price spread: −0.117% → −0.101%: −$1.6
Slippage, 4 orders: −$35.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.7
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	1.88 bp	12.9 bp −$13	14.7 bp −$147	40.9 bp −$4,091	doesn't fit
Sell Phemex live order book, 6 min ago	1.95 bp	17.6 bp −$18	doesn't fit	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	−0.3042%	1h	1,464.1	−0.129%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,463.9	−0.143%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,462.6	−0.231%	$29.6M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,463.5	−0.164%	$407K	$37K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,464	−0.135%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,464.5	−0.096%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,464.3	−0.109%	$293K	$900K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0070%	1h	1,462.1	−0.262%	$397K	$436K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0089% / S −0.0040%	1h	1,464.6	−0.092%	$437K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0094%	1h	1,465	−0.066%	$617K	$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
Popdex ZECUSDT	+0.0096%	1h	1,464.6	−0.093%	$174K	$1.6M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,465	−0.064%	$14K	$801K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,464	−0.129%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,464.9	−0.071%	$2.9M	$6.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,464.7	−0.082%	$14.5M	$27.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,464.1	−0.123%	$1.7M	$2.3M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.9	−0.068%	$674.2M	$2.17B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,464.4	−0.108%	$262.4M	$586.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,464.7	−0.088%	$179.4M	$1.21B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.6	−0.364%	$882K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,464.6	−0.091%	$52.2M	$173.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,464.9	−0.072%	$219.2M	$775.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,465.2	−0.051%	$103.2M	$53.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,465.3	−0.047%	$166.4M	$267.5M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,464.4	−0.108%	—	$106.6M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,464.4	−0.104%	$48.0M	$32.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,461.5	−0.300%	$569K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,463.2	−0.189%	$3.0M	$464K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,461.4	−0.311%	$404K	$945K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,464	−0.132%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,464.7	−0.085%	$359K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,464.6	−0.093%	$161K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,463.4	−0.173%	$447K	$504K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,466.9	+0.068%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,464.4	−0.103%	$234K	$3.1M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,463.7	−0.156%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,464.2	−0.117%	$3.9M	$4.8M	50x
Extended ZEC-USD	+0.0104%	1h	1,464.8	−0.075%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,464.3	−0.115%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0116%	1h	1,464.7	−0.083%	$4.7M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,464.9	−0.070%	$8K	$7K	5x	as long as short
Lighter RH ZEC	+0.0128%	1h	1,466	+0.003%	$2.1M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0148%	1h	1,466.3	+0.025%	$764.1M	$419.4M	10x	as long as short
Kalshi KXZECPERP	+0.0166%	8h	1,463.7	−0.152%	$1.5M	$4.4M	2.2x	as long as short
Lighter ZEC	+0.0168%	1h	1,465.9	+0.001%	$19.3M	$45.6M	20x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,464.2	−0.116%	$926K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0303%	1h	1,465.3	−0.044%	$2.4M	$3.8M	15x	as long as short
Kraken Futures PF_ZECUSD	+0.0331%	1h	1,464.3	−0.110%	$18.0M	$45.4M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,465.3	−0.047%	$677K	$8.1M	10x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0464%	1h	1,465.9	long leg	$3.8M	$8.9M	50x
Aftermath Perps ZECUSD	+0.0683%	1h	1,463.4	−0.171%	$45K	$49K	10x	as long as short