Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.050%

Price spread now: Lighter against Kalshi+0.285%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.374%+$37 on $10k

Price spread, last 7 days−0.245%−$25 · spread now +0.285%, 7d avg +0.038%

Together, before fees+0.129%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Lighter is 0.248% dearer against Kalshi than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXZECPERP	1,450.1	0	get 0.0000% / 8h	40m 27s	$1.5M	$4.4M	2.2x
Short	Lighter ZEC	1,454.3	0.0328	get 0.0041% / 1h	40m 27s	$19.1M	$45.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.285%Rate

Funding earned: $68.88
Price spread: +0.285% → +0.038%: $24.77
Slippage, 4 orders: −$17.66
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $65.98
Costs to cover: 0.277%
Break-even: 0.3 days

Slippage from Kalshi: live order book, 3 min ago; Lighter: live order book, 13 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, 3 min ago	7.38 bp	12.4 bp −$12	16.5 bp −$165	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	0.89 bp	1.2 bp −$1	2.6 bp −$26	9.0 bp −$903	68.6 bp −$34.3K

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	−0.011%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,453.3	+0.215%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,451.3	+0.080%	$29.2M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,452.5	+0.161%	$409K	$40K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,450.1	long leg	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,453	+0.195%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,450	−0.012%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0060%	8h	1,450.2	+0.003%	$290K	$957K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0065% / S −0.0016%	1h	1,449.9	−0.017%	$407K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,452.9	+0.192%	$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	1,452.7	+0.177%	$174K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,452.1	+0.132%	$11K	$872K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,453	+0.194%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,453	+0.195%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,453.8	+0.252%	$756.1M	$435.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,452.7	+0.177%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453	+0.198%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,452.8	+0.186%	$666.8M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,452.3	+0.149%	$261.2M	$602.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,452.6	+0.171%	$177.4M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,448.7	−0.100%	$394K	$444K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,450.7	+0.038%	$875K	$29K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,452.7	+0.178%	$50.0M	$173.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,452.9	+0.187%	$216.4M	$769.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,452.8	+0.183%	$102.2M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,452.9	+0.188%	$165.0M	$273.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,452.2	+0.138%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,451.9	+0.118%	$2.4M	$3.9M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,449.4	−0.050%	$47.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,450.6	+0.031%	$565K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,450.6	+0.029%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,449.9	−0.018%	$403K	$921K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,450.2	+0.005%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,452.3	+0.148%	$366K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,452.7	+0.177%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,449.1	−0.072%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,452.4	+0.157%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,450.4	+0.017%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,450	−0.013%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,451	+0.059%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,452.6	+0.169%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,449.7	−0.033%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,450.5	+0.021%	$4.6M	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0278%	1h	1,450.9	+0.049%	$609K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0278%	1h	1,450.5	+0.024%	$18.0M	$44.9M	25x	as long as short
Lighter ZECshort	+0.0328%	1h	1,454.3	+0.285%	$19.1M	$45.9M	20x
RISEx ZEC/USDC	+0.0412%	1h	1,452.9	+0.192%	$920K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,452.2	+0.139%	$3.8M	$9.0M	50x	as long as short
Lighter RH ZEC	+0.0480%	1h	1,454.8	+0.319%	$2.0M	$6.9M	10x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,450.8	+0.042%	$738K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0675%	1h	1,450.9	+0.049%	$44K	$49K	10x	as long as short