Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.021%

Price spread now: Katana Perps against Lighter−0.280%54s7-day average −0.071% · you buy dearer than you sell

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

Long on Lighter Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.174%−$17 on $10k

Price spread, last 7 days+0.242%+$24 · spread now −0.280%, 7d avg −0.071%

Together, before fees+0.068%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Katana Perps is 0.210% cheaper against Lighter than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.071%). Swap the legs. The two prices were read 54 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	Lighter ZEC	1,451.5	0.0344	pay 0.0043% / 1h	45m 53s	$19.1M	$45.9M	20x
Short	Katana Perps ZEC-USD	1,447.5	0.0100	get 0.0100% / 8h	4h 45m	$10K	$874K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Lighter. 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 LighterbpFee Katana PerpsbpOrdersPrice spread, now −0.280%Rate

Funding earned: −$51.28
Price spread: −0.280% → −0.071%: −$20.95
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$76.04
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 8 min ago; Katana Perps: no order-book sample. 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 Lighter live order book, 8 min ago	0.89 bp	1.7 bp −$2	3.0 bp −$30	12.4 bp −$1,240	74.9 bp −$37.5K
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.3166%	1h	1,448	−0.247%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,447.5	−0.282%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0072%	8h	1,447.3	−0.290%	$29.2M	$70.4M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,447	−0.315%	$407K	$40K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,447.9	−0.251%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,447.4	−0.284%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,447.3	−0.291%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0058%	8h	1,448.1	−0.240%	$290K	$958K	20x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,448.1	−0.237%	$8K	$7K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0064% / S −0.0015%	1h	1,447.1	−0.307%	$407K	—	100x	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	1,447.8	−0.260%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USDshort	+0.0100%	8h	1,447.5	−0.280%	$10K	$874K	10x
Paradex ZEC-USD-PERP	+0.0100%	8h	1,448.1	−0.238%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,447.8	−0.260%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,450.9	−0.044%	$754.5M	$434.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,448.6	−0.202%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,448	−0.245%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,450.5	−0.072%	$665.8M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,449.4	−0.151%	$261.2M	$602.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,450.2	−0.095%	$177.1M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,445.7	−0.403%	$394K	$442K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,449.4	−0.145%	$876K	$23K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,449.6	−0.135%	$50.1M	$172.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,449.3	−0.153%	$215.7M	$768.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,449.4	−0.146%	$102.0M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,450	−0.106%	$164.6M	$273.9M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,449.5	−0.142%	—	$100.9M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,449.2	−0.164%	$2.5M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,447.3	−0.290%	$47.4M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,446.4	−0.352%	$563K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,447.7	−0.264%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,446.8	−0.330%	$402K	$920K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,447.7	−0.265%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,447.3	−0.292%	$364K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,447.3	−0.293%	$159K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,446.9	−0.317%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,450	−0.106%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,448.2	−0.233%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,446.5	−0.350%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,447.8	−0.256%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,449.2	−0.164%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,448	−0.244%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,448.9	−0.182%	$4.6M	$1.3M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0279%	1h	1,448.2	−0.227%	$17.9M	$44.9M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0323%	1h	1,448.7	−0.195%	$608K	$1.3M	25x	as long as short
Lighter ZEClong	+0.0344%	1h	1,451.5	long leg	$19.1M	$45.9M	20x
RISEx ZEC/USDC	+0.0412%	1h	1,448.4	−0.217%	$920K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0440%	1h	1,451.5	−0.003%	$2.0M	$6.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,449.6	−0.133%	$3.8M	$9.0M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,449.8	−0.119%	$738K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0670%	1h	1,448.3	−0.226%	$44K	$49K	10x	as long as short