Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.035%

Price spread now: Hyperliquid against OKX+0.080%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$220.215% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.383%+$38 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.080%, 7d avg +0.034%

Together, before fees+0.341%+ Points / potential airdropHyperliquid: Season 2 · farm board+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.047% dearer against OKX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEC-USDT-SWAP	1,460.2	0.0100	pay 0.0100% / 8h	5h 44m	$179.9M	$1.23B	50x
Short	Hyperliquid ZEC	1,461.4	0.0100	get 0.0013% / 1h	44m 48s	$761.6M	$432.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.080%Rate

Funding earned: $0
Price spread: +0.080% → +0.034%: $4.65
Slippage, 4 orders: −$2.53
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$16.88
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Hyperliquid: live order book, 9 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 OKX live order book, 4 min ago	0.03 bp	5.3 bp −$5	7.9 bp −$79	18.7 bp −$1,875	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.34 bp	5.1 bp −$5	7.0 bp −$70	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	−0.3244%	1h	1,460	−0.013%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,461.3	+0.073%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,462.3	+0.139%	$29.7M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,460.8	+0.040%	$411K	$46K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,462.2	+0.133%	$963K	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,461.8	+0.105%	$84K	$249K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462.4	+0.149%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0036%	8h	1,462.3	+0.143%	$292K	$979K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0049%	1h	1,459.8	−0.029%	$396K	$433K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0054% / S −0.0009%	1h	1,462.4	+0.151%	$379K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZECUSDT	+0.0073%	1h	1,462	+0.123%	$425K	$879K	50x	as long as short
Phoenix ZEC	+0.0074%	1h	1,459.6	−0.043%	$4.6M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,462.7	+0.166%	$173K	$1.8M	50x	as long as short
Variational Omni ZEC	+0.0098%	8h	1,459.8	−0.027%	$47.4M	$31.8M	—	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,462.8	+0.173%	$19K	$839K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,462.6	+0.163%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.6	+0.161%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZECshort	+0.0100%	1h	1,461.4	+0.080%	$761.6M	$432.8M	10x
Aster ZECUSDT	+0.0100%	8h	1,461.6	+0.091%	$14.5M	$28.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461.7	+0.100%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,460.4	+0.011%	$673.2M	$2.25B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,460.2	0.000%	$270.2M	$605.5M	75x	as long as short
OKX ZEC-USDT-SWAPlong	+0.0100%	8h	1,460.2	long leg	$179.9M	$1.23B	50x
Bulk ZEC-USD	+0.0100%	1h	1,458.7	−0.108%	$886K	$16K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,460.5	+0.018%	$50.0M	$170.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,460.7	+0.032%	$214.9M	$770.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,462	+0.121%	$102.8M	$55.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,460.4	+0.011%	$162.1M	$275.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,460.6	+0.027%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,462.6	+0.162%	$2.4M	$3.8M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,459	−0.087%	$568K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,459.3	−0.063%	$3.0M	$418K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,460.4	+0.012%	$70K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462.1	+0.128%	$340K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,462.4	+0.147%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,461	+0.054%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,464.3	+0.277%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,462	+0.122%	$241K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,461.4	+0.079%	$2.6M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,462.2	+0.135%	$3.9M	$5.1M	50x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0104%	1h	1,462.9	+0.184%	$609K	$1.3M	25x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,462.1	+0.125%	$2.8M	$7.7M	10x	as long as short
01 Exchange ZECUSD	+0.0104%	1h	1,463.1	+0.197%	$8K	$7K	5x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.6	+0.095%	$48K	$155K	20x	as long as short
Lighter ZEC	+0.0184%	1h	1,461.9	+0.112%	$19.1M	$45.9M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0195%	1h	1,462.1	+0.125%	$18.0M	$43.7M	25x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,463.9	+0.251%	$707K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0328%	1h	1,462.1	+0.130%	$2.1M	$6.8M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,463.3	+0.208%	$838K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,464.1	+0.264%	$3.6M	$9.0M	50x	as long as short
Aftermath Perps ZECUSD	+0.0708%	1h	1,463.6	+0.232%	$43K	$46K	10x	as long as short