Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h +0.024%

Price spread now: Phoenix against Gate−0.157%7-day average +0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.595%+$60 on $10k

Price spread, last 7 days+0.292%+$29 · spread now −0.157%, 7d avg +0.133%

Together, before fees+0.887%+$89 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.290% cheaper against Gate than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.595%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZEC_USDT	1,461.9	0.0100	pay 0.0100% / 8h	5h 45m	$50.0M	$170.6M	75x
Short	Phoenix ZEC	1,459.6	0.0074	get 0.0009% / 1h	45m 04s	$4.6M	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$5.46
Price spread: −0.157% → +0.133%: −$28.99
Slippage, 4 orders: −$15.9
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.35
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 4 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 Gate live order book, 4 min ago	0.55 bp	10.6 bp −$11	16.5 bp −$165	29.0 bp −$2,898	53.5 bp −$26.7K
Sell Phoenix live order book, 4 min ago	2.26 bp	7.4 bp −$7	18.2 bp −$182	65.0 bp −$6,503	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	−0.3244%	1h	1,460	−0.127%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,461.3	−0.041%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,462.3	+0.025%	$29.7M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,461.1	−0.054%	$411K	$46K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,462.2	+0.019%	$963K	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,461.8	−0.008%	$84K	$249K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462.4	+0.035%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0036%	8h	1,462.3	+0.029%	$292K	$979K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0049%	1h	1,459.8	−0.143%	$396K	$433K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0054% / S −0.0009%	1h	1,462.4	+0.038%	$379K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZECUSDT	+0.0073%	1h	1,462	+0.009%	$425K	$879K	50x	as long as short
Phoenix ZECshort	+0.0074%	1h	1,459.6	−0.157%	$4.6M	$1.4M	10x
Popdex ZECUSDT	+0.0096%	1h	1,462.7	+0.053%	$173K	$1.8M	50x	as long as short
Variational Omni ZEC	+0.0098%	8h	1,459.8	−0.140%	$47.4M	$31.8M	—	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,462.8	+0.060%	$19K	$839K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,462.6	+0.049%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.6	+0.048%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,463.1	+0.083%	$762.5M	$432.8M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,461.9	−0.001%	$14.5M	$29.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461.7	−0.014%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,462.1	+0.018%	$674.0M	$2.25B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,461.6	−0.023%	$270.1M	$605.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,462	+0.008%	$179.8M	$1.23B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,458.7	−0.222%	$886K	$16K	10x	as long as short
Gate ZEC_USDTlong	+0.0100%	8h	1,461.9	long leg	$50.0M	$170.6M	75x
MEXC ZEC_USDT	+0.0100%	8h	1,462	+0.010%	$215.0M	$770.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,462.3	+0.027%	$102.8M	$55.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,462.2	+0.021%	$162.3M	$275.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,461.8	−0.010%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,462.6	+0.048%	$2.4M	$3.8M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,459	−0.200%	$568K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,459.3	−0.176%	$3.0M	$418K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,460.4	−0.101%	$70K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462.1	+0.014%	$340K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,462.4	+0.034%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,461	−0.060%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,464.3	+0.163%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,462	+0.008%	$241K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,461.4	−0.035%	$2.6M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,462.2	+0.021%	$3.9M	$5.1M	50x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0104%	1h	1,462.9	+0.070%	$609K	$1.3M	25x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,462.1	+0.017%	$2.8M	$7.7M	10x	as long as short
01 Exchange ZECUSD	+0.0104%	1h	1,463.1	+0.083%	$8K	$7K	5x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.6	−0.018%	$48K	$155K	20x	as long as short
Lighter ZEC	+0.0176%	1h	1,463.5	+0.113%	$19.1M	$45.9M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0195%	1h	1,462.1	+0.012%	$18.0M	$43.7M	25x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,463.9	+0.137%	$707K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0328%	1h	1,463.7	+0.125%	$2.1M	$6.8M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,463.3	+0.094%	$838K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,464.1	+0.150%	$3.6M	$9.0M	50x	as long as short
Aftermath Perps ZECUSD	+0.0708%	1h	1,463.6	+0.119%	$43K	$46K	10x	as long as short