Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h −0.032%

Price spread now: Kalshi against GMX+0.017%7-day average −0.008% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.421%−$42 · spread now +0.017%, 7d avg −0.008%

Together, before fees−0.451%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.025% dearer against GMX than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.008%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 3 days (−0.030% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZEC/USD [WBTC.b-USDC]	1,449.9	L +0.0065% / S −0.0016%	pay 0.0008% / 1h	40m 44s	$407K	—	100x
Short	Kalshi KXZECPERP	1,450.1	0	get 0.0000% / 8h	40m 44s	$1.5M	$4.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KalshibpOrdersPrice spread, now +0.017%Rate

Funding earned: −$13.71
Price spread: +0.017% → −0.008%: $2.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$33.21
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 3 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 Kalshi live order book, 3 min ago	7.38 bp	12.4 bp −$12	17.4 bp −$174	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	−0.3166%	1h	1,450	+0.006%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,453.3	+0.233%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,451.3	+0.097%	$29.2M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,452.5	+0.178%	$409K	$40K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,450.1	+0.017%	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,450.2	+0.022%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,450	+0.006%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0060%	8h	1,450.2	+0.021%	$290K	$957K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0065% / S −0.0016%	1h	1,449.9	long leg	$407K	—	100x
01 Exchange ZECUSD	+0.0072%	1h	1,452.9	+0.210%	$8K	$7K	5x	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	1,450	+0.009%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,452.1	+0.149%	$11K	$872K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,453	+0.212%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,449.7	−0.013%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,453.9	+0.276%	$756.1M	$435.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,452.6	+0.184%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453	+0.215%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,453	+0.213%	$666.9M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,452.6	+0.185%	$261.2M	$602.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,453	+0.216%	$177.4M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,448.7	−0.083%	$394K	$444K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,450.7	+0.055%	$875K	$29K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,452.7	+0.195%	$50.0M	$173.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,453	+0.215%	$217.6M	$769.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,453.1	+0.217%	$102.2M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,453.1	+0.223%	$165.0M	$273.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,452.2	+0.155%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,451.9	+0.135%	$2.4M	$3.9M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,449.4	−0.032%	$47.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,450.6	+0.049%	$565K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,450.6	+0.046%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,449.9	0.000%	$403K	$921K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,450.9	+0.069%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,449.7	−0.014%	$365K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,450.1	+0.013%	$159K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,449.1	−0.054%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,452.4	+0.174%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,450.4	+0.035%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,450	+0.004%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,451	+0.077%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,452.6	+0.187%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,449.7	−0.016%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,450.5	+0.039%	$4.6M	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0278%	1h	1,450.9	+0.066%	$609K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0278%	1h	1,450.5	+0.042%	$18.0M	$44.9M	25x	as long as short
Lighter ZEC	+0.0328%	1h	1,454.3	+0.303%	$19.1M	$45.9M	20x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,452.9	+0.209%	$920K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,452.2	+0.156%	$3.8M	$9.0M	50x	as long as short
Lighter RH ZEC	+0.0480%	1h	1,454.8	+0.337%	$2.0M	$6.9M	10x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,450.8	+0.059%	$738K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0672%	1h	1,450.3	+0.027%	$44K	$49K	10x	as long as short