Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.041%

Price spread now: Bybit against GMX−0.228%141s7-day average −0.042% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.617%−$62 · spread now −0.228%, 7d avg −0.042%

Together, before fees−0.585%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.185% cheaper against GMX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.042%). Swap the legs. The two prices were read 141 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	GMX ZEC/USD [WBTC.b-USDC]	1,512.2	L +0.0156% / S −0.0159%	pay 0.0020% / 1h	40m 03s	$336K	—	100x
Short	Bybit ZECUSDT	1,508.7	0.0100	get 0.0100% / 8h	7h 40m	$271.2M	$624.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.228%Rate

Funding earned: −$11.85
Price spread: −0.228% → −0.042%: −$18.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.39
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.03 bp	6.6 bp −$7	9.2 bp −$92	17.9 bp −$1,794	doesn't fit

GMX: 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	−0.3702%	1h	1,500.6	−0.764%	$37K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,507.5	−0.310%	$62K	$305K	10x	as long as short
Aftermath Perps ZECUSD	−0.0165%	1h	1,512.8	+0.041%	$48K	$58K	10x	as long as short
BloFin ZEC-USDT	−0.0157%	8h	1,509.2	−0.197%	$31.8M	$76.8M	75x	as long as short
Bulk ZEC-USD	−0.0101%	1h	1,517.9	+0.379%	$781K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,509.5	−0.176%	$6K	$1K	10x	as long as short
ApeX Omni ZECUSDT	−0.0022%	1h	1,512.6	+0.030%	$415K	$952K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,508.8	−0.221%	$419K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,509.8	−0.156%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,510.3	−0.125%	$5.4M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,510.2	−0.128%	$18.3M	$47.7M	25x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,508.1	−0.272%	$8K	$6K	5x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,509.6	−0.168%	$60.3M	$184.4M	75x	as long as short
Phoenix ZEC	+0.0082%	1h	1,515.4	+0.215%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,509.7	−0.164%	$305K	$861K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,510.7	−0.098%	$19.6M	$44.7M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,511	−0.081%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,508.2	−0.260%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,509.4	−0.184%	$62K	$19K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,508	−0.279%	$16K	$898K	10x	as long as short
Bybit ZECUSDTshort	+0.0100%	8h	1,508.7	−0.228%	$271.2M	$624.7M	75x
Nado ZEC-PERP	+0.0100%	1h	1,509.5	−0.176%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,509.9	−0.151%	$790.4M	$449.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,508.8	−0.225%	$14.2M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,509.6	−0.172%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,509.4	−0.184%	$713.6M	$2.33B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,508.7	−0.228%	$185.8M	$1.38B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,511.6	−0.038%	$412K	$546K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,509.3	−0.189%	$609K	$9.0M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,510	−0.143%	$408.8M	$831.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,510	−0.145%	$103.2M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,509.2	−0.197%	$163.4M	$295.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,509.5	−0.174%	—	$120.5M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,509.9	−0.151%	$50.1M	$36.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,512.9	+0.045%	$558K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,515.1	+0.192%	$3.1M	$530K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,513.8	+0.107%	$51K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,508.4	−0.250%	$374K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,510.2	−0.131%	$169K	$194K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,508.1	−0.267%	$450K	$419K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,511.9	−0.020%	$4K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,509.7	−0.163%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,508.5	−0.245%	$2.7M	$21.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,510.4	−0.115%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,508.8	−0.224%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,509.8	−0.157%	$45K	$153K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0156% / S −0.0159%	1h	1,512.2	long leg	$336K	—	100x
RISEx ZEC/USDC	+0.0157%	1h	1,511.2	−0.065%	$962K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0157%	1h	1,510.7	−0.101%	$691K	$1.4M	25x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,510.8	−0.090%	$3.8M	$10.0M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0476%	1h	1,510	−0.147%	$2.4M	$3.7M	15x	as long as short