Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.001%

Price spread now: Phemex against GMX−0.030%7-day average −0.002% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$2 on $10k

Price spread, last 3 days (all we have)+0.287%+$29 · spread now −0.030%, 7d avg −0.002%

Together, before fees+0.312%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.028% cheaper against GMX than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of −0.002%). If the spread goes back, that is −$3 on $10k: about 30 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.025% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZEC/USD [WBTC.b-USDC]	1,457.9	L +0.0025% / S +0.0071%	pay 0.0003% / 1h	26m 19s	$566K	—	100x
Short	Phemex ZECUSDT	1,457.4	0.0100	get 0.0100% / 8h	2h 26m	$3.8M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: $15.77
Price spread: −0.030% → −0.002%: −$2.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.03
Costs to cover: 0.240%
Break-even: 11.9 days

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 3 min ago	5.25 bp	22.3 bp −$22	32.1 bp −$321	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	−0.3476%	1h	1,433.1	−1.695%	$33K	$275K	12x	as long as short
BloFin ZEC-USDT	−0.0085%	8h	1,458	+0.010%	$28.8M	$75.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,458.5	+0.042%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,456.6	−0.085%	$17.7M	$44.7M	25x	as long as short
Variational Omni ZEC	−0.0001%	8h	1,443	−1.016%	$45.4M	$32.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.3	+0.099%	$411K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,460	+0.149%	$917K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,457.5	−0.023%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,458.2	+0.021%	$593K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,458.2	+0.024%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0011%	8h	1,457	−0.056%	$268.0M	$677.1M	75x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,457.5	−0.025%	$292K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0025% / S +0.0071%	1h	1,457.9	long leg	$566K	—	100x
OKX ZEC-USDT-SWAP	+0.0058%	8h	1,457.6	−0.016%	$173.5M	$1.36B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,457.8	−0.001%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0080%	8h	1,457.9	+0.002%	$49.4M	$189.9M	75x	as long as short
Aster ZECUSDT	+0.0092%	8h	1,458.1	+0.020%	$15.4M	$34.7M	75x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,457.3	−0.036%	$13K	$872K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,457.6	−0.019%	$18.8M	$54.5M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,457.5	−0.023%	$173K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,457.4	−0.030%	$60K	$38K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,458.8	+0.066%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,458.4	+0.035%	$753.7M	$496.9M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,460	+0.144%	$1.6M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,457.7	−0.011%	$664.6M	$2.54B	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,458.6	+0.051%	$395K	$522K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,445	−0.881%	$890K	$32K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,458	+0.011%	$217.3M	$895.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,457.8	−0.005%	$103.3M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,457.5	−0.023%	$161.3M	$313.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,457.6	−0.016%	—	$102.9M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,458.6	+0.054%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,444.1	−0.943%	$485K	$9.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,445.8	−0.829%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,445.6	−0.838%	$702K	$608K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.1	−0.121%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,457.2	−0.045%	$349K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457.7	−0.014%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,456.4	−0.100%	$443K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.4	+0.106%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,457	−0.056%	$221K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,457.4	−0.030%	$2.4M	$25.0M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,457.4	−0.030%	$3.8M	$5.4M	50x
Phoenix ZEC	+0.0103%	1h	1,452.1	−0.397%	$4.5M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,457.8	−0.001%	$3.3M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,457.6	−0.016%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,458.1	+0.020%	$870K	$1.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,459.8	+0.134%	$3.7M	$11.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0459%	1h	1,453.5	−0.297%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,459.4	+0.109%	$743K	$8.0M	10x	as long as short
Lighter RH ZEC	+0.0680%	1h	1,461.8	+0.272%	$2.0M	$8.5M	10x	as long as short