Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.024%

Price spread now: Bullet against Kalshi−0.283%48s7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.377% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 4 days (all we have)+0.466%+$47 · spread now −0.283%, 7d avg −0.021%

Together, before fees+0.558%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.262% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.283% now, against its 7-day average of −0.021%). If the spread goes back, that is −$26 on $10k: about 8.7 days of funding at the current rate (+$3 a day). The two prices were read 48 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	Kalshi KXZECPERP	1,509.9	0	get 0.0000% / 8h	6h 12m	$1.7M	$4.6M	2.2x
Short	Bullet ZEC-USD	1,505.6	0.0100	get 0.0013% / 1h	12m 20s	$166K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Kalshi. 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 KalshibpFee BulletbpOrdersPrice spread, now −0.283%Rate

Funding earned: $21
Price spread: −0.283% → −0.021%: −$26.25
Slippage, 4 orders: −$19.72
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$42.97
Costs to cover: 0.377%
Break-even: 21.3 days

Slippage from Kalshi: live order book, 1 min ago; Bullet: live order book, 37 min ago.

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 Kalshi live order book, 1 min ago	7.20 bp	12.2 bp −$12	17.6 bp −$176	doesn't fit	doesn't fit
Sell Bullet live order book, 37 min ago	1.71 bp	6.1 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit

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	−0.3243%	1h	1,488.7	−1.405%	$34K	$273K	12x	as long as short
Bulk ZEC-USD	−0.0279%	1h	1,512.6	+0.181%	$914K	$15K	10x	as long as short
BloFin ZEC-USDT	−0.0138%	8h	1,507.1	−0.186%	$30.1M	$74.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,512.8	+0.190%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,506.2	−0.243%	$419K	$36K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,509.9	long leg	$1.7M	$4.6M	2.2x
Perpl ZEC	0.0000%	43m	1,505.4	−0.295%	$86K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,507.2	−0.175%	$714K	$1.4M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.2	−0.311%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0066%	8h	1,505.1	−0.315%	$313K	$1.0M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0080%	1h	1,506.5	−0.224%	$8K	$7K	5x	as long as short
Phoenix ZEC	+0.0092%	1h	1,512.3	+0.160%	$4.8M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,505.4	−0.299%	$148K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,506.7	−0.209%	$2.9M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,506.6	−0.217%	$787.4M	$435.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,505.1	−0.315%	$14.6M	$29.3M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,506.8	−0.202%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,505.4	−0.299%	$699.7M	$2.25B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,505	−0.326%	$276.6M	$619.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,504.9	−0.332%	$182.8M	$1.30B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,504.3	−0.370%	$411K	$489K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,505.2	−0.313%	$54.4M	$180.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,505.3	−0.304%	$226.3M	$779.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,505.8	−0.270%	$103.5M	$55.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,505.5	−0.288%	$162.3M	$282.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,504.8	−0.334%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,519.3	+0.623%	$49.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,512.8	+0.191%	$578K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,512.5	+0.174%	$3.1M	$475K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,512.4	+0.170%	$419K	$929K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,510.9	+0.070%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505	−0.323%	$367K	$1.7M	10x	as long as short
Bullet ZEC-USDshort	+0.0100%	1h	1,505.6	−0.283%	$166K	$184K	20x
Derive ZEC-PERP	+0.0100%	1h	1,504.2	−0.373%	$459K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,509.1	−0.051%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,506.4	−0.228%	$249K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,505.4	−0.298%	$2.6M	$19.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,507.5	−0.160%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,507.2	−0.175%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,505.7	−0.278%	$14K	$847K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,506.1	−0.250%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.5	−0.290%	$46K	$150K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0105% / S −0.0078%	1h	1,505.1	−0.318%	$404K	—	100x	as long as short
Kraken Futures PF_ZECUSD	+0.0143%	1h	1,506.5	−0.225%	$18.4M	$45.9M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,506.1	−0.247%	$941K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0192%	1h	1,508.3	−0.108%	$2.1M	$7.3M	10x	as long as short
Lighter ZEC	+0.0224%	1h	1,508.1	−0.119%	$19.6M	$45.6M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0434%	1h	1,506.2	−0.243%	$2.3M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,507.8	−0.141%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,506.3	−0.239%	$613K	$8.5M	10x	as long as short
Aftermath Perps ZECUSD	+0.0510%	1h	1,504.3	−0.367%	$51K	$61K	10x	as long as short