Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.028%

Price spread now: Popdex against Kalshi−0.068%7-day average −0.029% · 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−$36as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Kalshi Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.103%+$10 on $10k

Price spread, last 7 days+0.143%+$14 · spread now −0.068%, 7d avg −0.029%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.039% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.029%). If the spread goes back, that is −$4 on $10k: about 33 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXZECPERP	1,471.2	0	get 0.0000% / 8h	6h 35m	$1.5M	$4.4M	2.2x
Short	Popdex ZECUSDT	1,470.2	0.0096	get 0.0012% / 1h	35m 22s	$174K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $20.16
Price spread: −0.068% → −0.029%: −$3.94
Slippage, 4 orders: −$15.47
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$15.65
Costs to cover: 0.319%
Break-even: 12.4 days

Slippage from Kalshi: live order book, 3 min ago; Popdex: 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, 3 min ago	6.57 bp	11.6 bp −$12	17.0 bp −$170	doesn't fit	doesn't fit
Sell Popdex live order book, 4 min ago	0.48 bp	4.6 bp −$5	11.5 bp −$115	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	1,468.8	−0.165%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.5	−0.050%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0073%	8h	1,469.2	−0.132%	$29.9M	$71.0M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.3	−0.057%	$409K	$37K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,471.2	long leg	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,469.7	−0.102%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,469.8	−0.092%	$5.2M	—	150x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,470.5	−0.047%	$8K	$7K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0062%	8h	1,471.2	+0.003%	$294K	$902K	20x	as long as short
Bybit ZECUSDT	+0.0089%	8h	1,469.3	−0.128%	$261.4M	$589.6M	75x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0092%	1h	1,466.5	−0.319%	$4.7M	$1.3M	10x	as long as short
Popdex ZECUSDTshort	+0.0096%	1h	1,470.2	−0.068%	$174K	$1.6M	50x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0096% / S −0.0050%	1h	1,469.5	−0.114%	$438K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0097%	1h	1,472.2	+0.072%	$620K	$1.3M	25x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,469.8	−0.095%	$13K	$812K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.3	−0.059%	$61K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.7	−0.032%	$2.9M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,470.9	−0.019%	$765.9M	$418.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,469.9	−0.088%	$14.4M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.5	−0.049%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,469.8	−0.093%	$678.2M	$2.16B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,469.5	−0.115%	$178.6M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,465.3	−0.400%	$399K	$430K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,462.7	−0.578%	$884K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,470.2	−0.064%	$53.2M	$170.9M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,469.9	−0.088%	$222.6M	$760.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.2	−0.067%	$103.3M	$52.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,469.9	−0.090%	$166.3M	$267.5M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,469.6	−0.109%	—	$107.8M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,470.5	−0.044%	$48.2M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,468.1	−0.212%	$573K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,469.8	−0.096%	$3.0M	$467K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469	−0.152%	$406K	$926K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,468.7	−0.171%	$49K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,469.7	−0.101%	$360K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,469.4	−0.119%	$162K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.1	−0.075%	$449K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,474.6	+0.231%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,471.7	+0.037%	$235K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470	−0.080%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,472.3	+0.073%	$3.9M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.2	−0.066%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472	+0.053%	$46K	$152K	20x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,471.6	+0.027%	$2.1M	$7.1M	10x	as long as short
Lighter ZEC	+0.0136%	1h	1,471.7	+0.038%	$19.5M	$43.9M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0146%	1h	1,471.8	+0.043%	$18.0M	$45.6M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,470.2	−0.064%	$928K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0331%	1h	1,472.4	+0.084%	$2.4M	$3.7M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,471.5	+0.023%	$3.7M	$9.2M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,471.7	+0.036%	$665K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0680%	1h	1,468	−0.218%	$45K	$49K	10x	as long as short