Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.065%

Price spread now: BloFin against Deribit−0.080%57s7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.287% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now −0.080%, 7d avg −0.056%

Together, before fees−0.397%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.024% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.056%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ZEC_USDC-PERPETUAL	1,476.2	0	get 0.0000% / 1h	54m 06s	$616K	$1.3M	25x
Short	BloFin ZEC-USDT	1,475	−0.0111	pay 0.0111% / 8h	54m 06s	$29.4M	$75.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$23.31
Price spread: −0.080% → −0.056%: −$2.38
Slippage, 4 orders: −$9.68
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$54.36
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; BloFin: 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 Deribit live order book, 5 min ago	4.51 bp	8.5 bp −$8	14.3 bp −$143	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.10 bp	6.1 bp −$6	6.9 bp −$69	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	−0.3089%	1h	1,475.9	−0.021%	$34K	$275K	12x	as long as short
ApeX Omni ZECUSDT	−0.0365%	1h	1,474	−0.145%	$432K	$827K	50x	as long as short
Ondo Perps ZEC-USD.P	−0.0312%	1h	1,473.5	−0.181%	$400K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0224%	1h	1,475.2	−0.067%	$18.0M	$45.0M	25x	as long as short
BloFin ZEC-USDTshort	−0.0111%	8h	1,475	−0.080%	$29.4M	$75.9M	75x
Bybit ZECUSDT	−0.0083%	8h	1,474.1	−0.139%	$273.6M	$665.1M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,475.8	−0.023%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0037%	8h	1,473.4	−0.187%	$47.0M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475	−0.081%	$415K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.9	−0.017%	$901K	$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 ZEC	0.0000%	43m	1,475.5	−0.044%	$84K	$404K	10x	as long as short
Deribit ZEC_USDC-PERPETUALlong	0.0000%	1h	1,476.2	long leg	$616K	$1.3M	25x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,475.8	−0.025%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0010%	8h	1,475.3	−0.057%	$295K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0038% / S +0.0009%	1h	1,475.7	−0.030%	$367K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0040%	8h	1,474.5	−0.115%	$180.4M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0046%	8h	1,475.3	−0.057%	$50.5M	$183.8M	75x	as long as short
01 Exchange ZECUSD	+0.0048%	1h	1,476	−0.011%	$8K	$8K	5x	as long as short
SoDEX ZEC-USD	+0.0061%	1h	1,475	−0.081%	$227K	$4.5M	10x	as long as short
Phoenix ZEC	+0.0075%	1h	1,475.4	−0.052%	$4.7M	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0093%	1h	1,475.3	−0.062%	$128K	$159K	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,475.4	−0.054%	$177K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,475.9	−0.021%	$12K	$828K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,475.5	−0.045%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,476	−0.011%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,476.3	+0.009%	$766.2M	$473.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,475.3	−0.060%	$15.7M	$32.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,476	−0.014%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.6	−0.103%	$682.3M	$2.47B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,476	−0.012%	$713K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471.1	−0.342%	$908K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,475	−0.078%	$222.7M	$829.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,475.3	−0.058%	$104.3M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,475.2	−0.063%	$162.9M	$303.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,474.5	−0.116%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,473.3	−0.193%	$515K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,474.7	−0.099%	$3.0M	$482K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,475.4	−0.055%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,475.4	−0.052%	$348K	$1.9M	10x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473.8	−0.157%	$449K	$503K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,477.6	+0.093%	$3K	$1.2M	20x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474.5	−0.111%	$2.5M	$23.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475.5	−0.049%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,475.8	−0.025%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,475.5	−0.047%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,476.2	−0.001%	$837K	$1.2M	10x	as long as short
Lighter ZEC	+0.0136%	1h	1,476.8	+0.040%	$19.1M	$52.1M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,477.4	+0.080%	$3.8M	$11.0M	50x	as long as short
Lighter RH ZEC	+0.0504%	1h	1,477.3	+0.075%	$2.0M	$8.2M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0592%	1h	1,476.1	−0.007%	$2.4M	$3.7M	15x	as long as short
Aftermath Perps ZECUSD	+0.0626%	1h	1,474.3	−0.129%	$46K	$47K	10x	as long as short