Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h −0.021%

Price spread now: GRVT against GMX+0.191%69s7-day average −0.033% · you sell dearer than you buy

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.043%+$4 on $10k

Price spread, last 3 days (all we have)−0.440%−$44 · spread now +0.191%, 7d avg −0.033%

Together, before fees−0.396%+ Points / potential airdropGRVT: Active · farm board−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GRVT is 0.224% dearer against GMX than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of −0.033%. The two prices were read 69 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]	1,464.6	L +0.0037% / S +0.0009%	pay 0.0005% / 1h	22m 25s	$355K	—	100x
Short	GRVT ZEC_USDT_Perp	1,467.4	0.0100	get 0.0100% / 8h	1h 22m	$3.0M	$481K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.191%Rate

Funding earned: $13.29
Price spread: +0.191% → −0.033%: $22.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $14.71
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 1 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 GRVT live order book, 1 min ago	1.50 bp	6.0 bp −$6	9.1 bp −$91	doesn't fit	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	−0.3310%	1h	1,469.5	+0.337%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0405%	1h	1,464.5	−0.008%	$17.8M	$44.6M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0230%	1h	1,464.3	−0.020%	$397K	$514K	5x	as long as short
BloFin ZEC-USDT	−0.0089%	8h	1,464.3	−0.020%	$29.2M	$75.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,464	−0.043%	$6K	$2K	10x	as long as short
Bulk ZEC-USD	−0.0065%	1h	1,462.1	−0.171%	$902K	$27K	10x	as long as short
Bybit ZECUSDT	−0.0062%	8h	1,463.5	−0.074%	$270.8M	$667.5M	75x	as long as short
Variational Omni ZEC	−0.0026%	8h	1,465.3	+0.050%	$46.6M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,464.3	−0.021%	$412K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,465.3	+0.051%	$887K	$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	1,463.9	−0.049%	$83K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,464.9	+0.018%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0012%	8h	1,464.2	−0.028%	$292K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0037% / S +0.0009%	1h	1,464.6	long leg	$355K	—	100x
Gate ZEC_USDT	+0.0045%	8h	1,464.2	−0.029%	$49.8M	$186.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0050%	8h	1,464	−0.040%	$176.3M	$1.35B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,463.8	−0.054%	$8K	$8K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0073%	1h	1,465.3	+0.048%	$596K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0075%	1h	1,467.6	+0.204%	$4.6M	$1.6M	10x	as long as short
ApeX Omni ZECUSDT	+0.0082%	1h	1,467.6	+0.204%	$431K	$822K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,463.5	−0.078%	$173K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,464.2	−0.029%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,463.7	−0.064%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,464.4	−0.015%	$2.5M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,465	+0.027%	$759.7M	$478.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,463.7	−0.061%	$15.6M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,464.5	−0.008%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.4	−0.011%	$674.6M	$2.48B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,464.4	−0.014%	$220.3M	$865.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,464.6	−0.003%	$103.6M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,464	−0.042%	$162.3M	$304.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,464.4	−0.016%	—	$102.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,467.7	+0.209%	$512K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perpshort	+0.0100%	8h	1,467.4	+0.191%	$3.0M	$481K	10x
StandX ZEC-USD	+0.0100%	1h	1,464.9	+0.021%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,463.7	−0.061%	$343K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,464.3	−0.022%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,462.8	−0.124%	$447K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,467.3	+0.181%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,464.3	−0.020%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,463.5	−0.076%	$2.5M	$23.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,464.7	+0.005%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,464.2	−0.027%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,464.2	−0.029%	$36K	$366K	20x	as long as short
Lighter ZEC	+0.0136%	1h	1,465.4	+0.057%	$19.0M	$52.6M	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,464.3	−0.021%	$842K	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0191%	1h	1,464.9	+0.023%	$2.3M	$3.8M	15x	as long as short
Lighter RH ZEC	+0.0400%	1h	1,466	+0.094%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,466.1	+0.105%	$3.7M	$11.5M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,465.5	+0.062%	$727K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0572%	1h	1,465.7	+0.073%	$41K	$34K	10x	as long as short