Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.034%

Price spread now: Phoenix against Kalshi−0.474%7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.485%+$49 on $10k

Price spread, last 7 days+0.695%+$70 · spread now −0.474%, 7d avg +0.097%

Together, before fees+1.181%+$118 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.571% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.474% now, against its 7-day average of +0.097%). If the spread goes back, that is −$57 on $10k: about 21 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.485% in total) that is about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXZECPERP	1,514.6	0	get 0.0000% / 8h	6h 14m	$1.7M	$4.6M	2.2x
Short	Phoenix ZEC	1,507.5	0.0092	get 0.0012% / 1h	14m 42s	$4.8M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.474%Rate

Funding earned: $19.35
Price spread: −0.474% → +0.097%: −$57.09
Slippage, 4 orders: −$24.01
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$78.75
Costs to cover: 0.410%
Break-even: 35.5 days

Slippage from Kalshi: live order book, 4 min ago; Phoenix: live order book, 4 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, 4 min ago	8.09 bp	13.1 bp −$13	19.3 bp −$193	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.26 bp	7.4 bp −$7	17.7 bp −$177	59.5 bp −$5,954	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	−1.715%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0140%	8h	1,511	−0.243%	$30.2M	$74.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,513.2	−0.098%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,513.9	−0.050%	$421K	$36K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,514.6	long leg	$1.7M	$4.6M	2.2x
Perpl ZEC	0.0000%	43m	1,511.8	−0.188%	$86K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,511.4	−0.211%	$717K	$1.4M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,511	−0.242%	$5.4M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0065%	8h	1,511	−0.242%	$300K	$984K	20x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,512.7	−0.130%	$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
Phoenix ZECshort	+0.0092%	1h	1,507.5	−0.474%	$4.8M	$1.3M	10x
Popdex ZECUSDT	+0.0096%	1h	1,512.4	−0.148%	$147K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,512.4	−0.145%	$2.9M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,514.5	−0.009%	$791.8M	$434.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,514	−0.045%	$14.7M	$29.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,514.3	−0.022%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,514	−0.045%	$702.4M	$2.24B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,514.2	−0.026%	$277.8M	$617.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,514.1	−0.037%	$181.7M	$1.30B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,520.5	+0.387%	$411K	$494K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,479.3	−2.335%	$894K	$15K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,512.5	−0.139%	$54.5M	$179.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,514.1	−0.037%	$228.3M	$777.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,513.3	−0.086%	$104.0M	$55.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,513.4	−0.085%	$164.1M	$281.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,512.8	−0.120%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,519.3	+0.307%	$49.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,510.2	−0.294%	$577K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,505.9	−0.575%	$3.1M	$462K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,513	−0.108%	$419K	$928K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,512.2	−0.159%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,512.2	−0.161%	$370K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,511.5	−0.207%	$166K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,510.4	−0.277%	$461K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,512.1	−0.168%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,510.1	−0.298%	$250K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,512.1	−0.170%	$2.6M	$19.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,510.6	−0.268%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,514.5	−0.012%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,512.9	−0.112%	$14K	$847K	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0104% / S −0.0075%	1h	1,510.9	−0.248%	$406K	—	100x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,511.6	−0.201%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,511	−0.243%	$46K	$153K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0142%	1h	1,509.9	−0.312%	$18.4M	$46.0M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,512.3	−0.153%	$944K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0192%	1h	1,515.4	+0.051%	$2.1M	$7.3M	10x	as long as short
Lighter ZEC	+0.0224%	1h	1,515.7	+0.070%	$19.8M	$45.4M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0452%	1h	1,511.2	−0.229%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,512.4	−0.147%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,513.5	−0.074%	$607K	$8.4M	10x	as long as short
Aftermath Perps ZECUSD	+0.0562%	1h	1,501.3	−0.880%	$51K	$60K	10x	as long as short