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Funding arb · Price arb /

ZEC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.3774%/8h= +413.3% APRnext payment +$4.72 per $10,000 · paid last 24h +0.545%
Price spread now: Popdex against Injective−0.022%7-day average −0.090% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on InjectiveShort on Popdex
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.515%+$51 on $10k
Price spread, last 3 days (all we have)−0.122%−$12 · spread now −0.022%, 7d avg −0.090%
Together, before fees+0.392%+$39 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$113 a day on $10k at the current rate, and Popdex is 0.069% dearer against Injective than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.090%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.515% in total (about 54.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.72 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongInjective ZEC/USDC PERP1,475.4−0.3678get 0.0460% / 1h27m 07s$34K$274K12x
ShortPopdex ZECUSDT1,475.10.0096get 0.0012% / 1h27m 07s$174K$1.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Popdex against Injective. 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

Funding earned
$792.6
Price spread: −0.022% → −0.090%
$6.87
Slippage, 4 orders
no order book: not counted
Fee Injective: 0.01 bp × 2 orders
−$0.02
Fee Popdex: 3.2 bp × 2 orders
−$6.4
Net
$793.06
Costs to cover
0.064%
Break-even
from the start
Slippage unknown: Injective: live order book, 42 min ago; Popdex: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Injective live order book, 42 min ago65.73 bp492526.9 bp −$492.5K4982256.0 bp −$49.82M49586088.0 bp −$4958.61M247092080.0 bp −$123546.04M
Sell Popdex live order book, 2 min ago0.41 bp4.1 bp −$410.4 bp −$104doesn't fitdoesn't fit

ZEC on 50 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ZEC/USDC PERPlong−0.3678%1h1,475.4long leg$34K$274K12x
Hotstuff ZEC-PERP−0.0080%1h1,477.1+0.112%$6K$1K10xas long as short
Ondo Perps ZEC-USD.P−0.0019%1h1,474.1−0.091%$400K$518K5xas long as short
Kraken Futures PF_ZECUSD−0.0002%1h1,475−0.028%$18.1M$43.5M25xas long as short
dYdX ZEC-USD0.0000%1h1,475.9+0.032%$416K$55K5xas long as short
Kalshi KXZECPERP0.0000%8h1,476.4+0.067%$976K$5.0M2.2xas long as short
Perpl ZEC0.0000%43m1,475.3−0.007%$84K$254K10xas long as short
gTrade (Gains Network) ZEC/USDL +0.0007% / S −0.0006%1h1,475.2−0.016%$5.2M—150xas long as short
Orderly PERP_ZEC_USDC+0.0027%8h1,474.8−0.043%$294K$1.1M20xas long as short
Variational Omni ZEC+0.0040%8h1,476.4+0.063%$48.0M$33.0M—as long as short
Show all 50 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX ZEC/USD [WBTC.b-USDC]L +0.0055% / S −0.0009%1h1,474.9−0.035%$385K—100xas long as short
01 Exchange ZECUSD+0.0064%1h1,475.7+0.016%$8K$9K5xas long as short
Phoenix ZEC+0.0070%1h1,478.2+0.188%$4.7M$1.5M10xas long as short
OKX ZEC-USDT-SWAP+0.0095%8h1,474.9−0.037%$181.4M$1.28B50xas long as short
Popdex ZECUSDTshort+0.0096%1h1,475.1−0.022%$174K$1.8M50x
Katana Perps ZEC-USD+0.0100%8h1,475−0.033%$17K$840K10xas long as short
Paradex ZEC-USD-PERP+0.0100%8h1,476.4+0.064%$61K$39K10xas long as short
Nado ZEC-PERP+0.0100%1h1,475.5+0.001%$2.6M$6.6M10xas long as short
Hyperliquid ZEC+0.0100%1h1,476.1+0.045%$768.2M$445.2M10xas long as short
Aster ZECUSDT+0.0100%8h1,475.1−0.021%$14.9M$30.8M75xas long as short
Pacifica ZEC+0.0100%1h1,476.4+0.065%$1.7M$2.7M10xas long as short
Binance ZECUSDT+0.0100%8h1,474.8−0.045%$681.6M$2.33B75xas long as short
Bybit ZECUSDT+0.0100%8h1,474.9−0.040%$272.0M$618.1M75xas long as short
Bulk ZEC-USD+0.0100%1h1,470.5−0.336%$893K$19K10xas long as short
Gate ZEC_USDT+0.0100%8h1,475−0.029%$50.2M$175.7M75xas long as short
MEXC ZEC_USDT+0.0100%8h1,475−0.027%$215.8M$799.5M150xas long as short
KuCoin ZECUSDTM+0.0100%8h1,475.1−0.022%$103.8M$56.3M75xas long as short
Bitget ZECUSDT+0.0100%8h1,475−0.030%$163.8M$283.8M75xas long as short
BingX ZEC-USDC+0.0100%8h1,475.4−0.005%—$6.7M—as long as short
edgeX ZECUSDC+0.0100%4h1,476.1+0.044%$574K$9.0M20xas long as short
GRVT ZEC_USDT_Perp+0.0100%8h1,475−0.029%$3.0M$443K10xas long as short
ApeX Omni ZECUSDT+0.0100%1h1,474−0.096%$429K$907K50xas long as short
StandX ZEC-USD+0.0100%1h1,476.5+0.073%$71K$4.7M30xas long as short
Polymarket Perps ZEC-USD+0.0100%1h1,475.2−0.016%$340K$1.8M10xas long as short
Bullet ZEC-USD+0.0100%1h1,475−0.030%$128K$159K20xas long as short
Derive ZEC-PERP+0.0100%1h1,473.5−0.133%$458K$510K6.7xas long as short
SunX ZEC-USDT+0.0100%8h1,477.7+0.153%$3K$1.2M20xas long as short
SoDEX ZEC-USD+0.0100%1h1,474.9−0.038%$243K$3.7M10xas long as short
HTX ZEC-USDT+0.0100%8h1,475.7+0.018%$2.6M$18.9M75xas long as short
Phemex ZECUSDT+0.0100%8h1,475.7+0.017%$3.9M$5.4M50xas long as short
Extended ZEC-USD+0.0104%1h1,475−0.030%$3.2M$7.0M10xas long as short
Aevo ZEC-PERP+0.0104%1h1,475−0.031%$48K$162K20xas long as short
Deribit ZEC_USDC-PERPETUAL+0.0128%1h1,475.7+0.014%$614K$1.3M25xas long as short
Arcus ZEC-USD+0.0254%1h1,477+0.108%$682K$8.7M10xas long as short
Lighter ZEC+0.0256%1h1,476.9+0.101%$19.3M$48.1M20xas long as short
Lighter RH ZEC+0.0304%1h1,477+0.105%$2.1M$7.1M10xas long as short
RISEx ZEC/USDC+0.0374%1h1,476.1+0.046%$868K$1.0M10xas long as short
Coinbase International ZEC-PERP-INTX+0.0472%1h1,477.8+0.161%$3.7M$9.5M50xas long as short
Backpack ZEC_USDC_PERP+0.0503%1h1,475.5+0.005%$2.5M$3.9M15xas long as short
Aftermath Perps ZECUSD+0.0726%1h1,475.4−0.001%$44K$46K10xas long as short