Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.009%

Price spread now: Phoenix against Katana Perps+0.197%50s7-day average +0.132% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.189%+$19 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.197%, 7d avg +0.132%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.066% dearer against Katana Perps than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.132%. The two prices were read 50 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	Katana Perps ZEC-USD	1,454.8	0.0100	pay 0.0100% / 8h	3h 56m	$10K	$858K	10x
Short	Phoenix ZEC	1,457.7	0.0123	get 0.0015% / 1h	56m 25s	$4.6M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Katana Perps. 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 Katana PerpsbpFee PhoenixbpOrdersPrice spread, now +0.197%Rate

Funding earned: $4.94
Price spread: +0.197% → +0.132%: $6.56
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $0.7
Costs to cover: 0.108%
Break-even: 6.0 days

Slippage unknown: Katana Perps: no order-book sample; Phoenix: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Katana Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 2 min ago	1.51 bp	6.1 bp −$6	13.4 bp −$134	50.5 bp −$5,053	doesn't fit

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3042%	1h	1,456.2	+0.093%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.8	−0.002%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,454.6	−0.017%	$29.5M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,454.4	−0.027%	$410K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,455.6	+0.053%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,453.7	−0.074%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,454.8	−0.003%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,454.5	−0.024%	$291K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0072% / S −0.0024%	1h	1,454.6	−0.011%	$408K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,454.5	−0.023%	$173K	$1.7M	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps ZEC-USDlong	+0.0100%	8h	1,454.8	long leg	$10K	$858K	10x
Paradex ZEC-USD-PERP	+0.0100%	8h	1,454.4	−0.028%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,454.8	+0.001%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,454.7	−0.008%	$14.7M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,454.6	−0.017%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,454.9	+0.006%	$668.3M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,453.9	−0.062%	$261.0M	$602.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,454.4	−0.030%	$177.7M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,458	+0.220%	$395K	$442K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.5	+0.188%	$880K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,454.3	−0.037%	$50.5M	$170.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,454.5	−0.023%	$214.1M	$763.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,454.5	−0.022%	$102.6M	$54.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,454.6	−0.011%	$165.4M	$270.9M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,454.7	−0.006%	—	$105.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,457.6	+0.193%	$47.8M	$32.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,458.2	+0.236%	$567K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.2	+0.095%	$3.0M	$451K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,456.9	+0.142%	$404K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,455.1	+0.021%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,454.2	−0.041%	$353K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,454.7	−0.008%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,453.2	−0.108%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,456.9	+0.147%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,454.7	−0.005%	$233K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,454.2	−0.045%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,455.3	+0.031%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,454.3	−0.032%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,454.5	−0.019%	$47K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,455	+0.013%	$8K	$7K	5x	as long as short
Phoenix ZECshort	+0.0123%	1h	1,457.7	+0.197%	$4.6M	$1.3M	10x
Hyperliquid ZEC	+0.0136%	1h	1,455.7	+0.062%	$757.2M	$431.8M	10x	as long as short
Lighter ZEC	+0.0152%	1h	1,455.6	+0.056%	$19.2M	$44.7M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0154%	1h	1,455	+0.016%	$2.4M	$3.9M	15x	as long as short
Lighter RH ZEC	+0.0208%	1h	1,455.5	+0.051%	$2.1M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,454.5	−0.021%	$921K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0229%	1h	1,455.3	+0.031%	$614K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0333%	1h	1,454.7	−0.006%	$18.0M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,456.7	+0.130%	$684K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,457.2	+0.163%	$3.7M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0673%	1h	1,457	+0.150%	$45K	$49K	10x	as long as short