Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h −0.034%

Price spread now: Kraken Futures against Orderly−0.019%7-day average +0.022% · you buy dearer than you sell

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.019%, 7d avg +0.022%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.041% cheaper against Orderly than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.022%). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ZEC_USDC	1,450.1	0.0059	pay 0.0059% / 8h	4h 45m	$290K	$958K	20x
Short	Kraken Futures PF_ZECUSD	1,449.8	0.0278	get 0.0035% / 1h	45m 00s	$18.0M	$44.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now −0.019%Rate

Funding earned: $46.04
Price spread: −0.019% → +0.022%: −$4.09
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $25.94
Costs to cover: 0.160%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 4 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 4 min ago	2.42 bp	10.5 bp −$10	14.2 bp −$142	22.3 bp −$2,231	100.5 bp −$50.3K

Orderly: 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	1,449.7	−0.025%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,447.5	−0.182%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,449.9	−0.014%	$29.2M	$70.5M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,449.6	−0.036%	$408K	$40K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,450.3	+0.015%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,450.5	+0.031%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,450.2	+0.008%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDClong	+0.0059%	8h	1,450.1	long leg	$290K	$958K	20x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0065% / S −0.0015%	1h	1,450.4	+0.024%	$408K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,451.5	+0.094%	$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
Popdex ZECUSDT	+0.0096%	1h	1,451.2	+0.077%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,450.4	+0.018%	$11K	$874K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,450.6	+0.038%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,450.9	+0.057%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,451.3	+0.083%	$754.7M	$434.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,450.1	+0.001%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,450.4	+0.024%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,450.2	+0.007%	$665.6M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,449.8	−0.019%	$261.2M	$602.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,450.6	+0.032%	$177.0M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,450	−0.006%	$394K	$444K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,449.4	−0.045%	$876K	$23K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,450.1	−0.002%	$50.0M	$172.8M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,450.3	+0.016%	$217.2M	$768.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,450.3	+0.016%	$102.0M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,450.3	+0.014%	$164.6M	$274.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,448.2	−0.129%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,450.8	+0.050%	$2.5M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,447.3	−0.190%	$47.4M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,447.5	−0.180%	$563K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,447.7	−0.164%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,447.2	−0.197%	$402K	$920K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,447.8	−0.159%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,450.6	+0.035%	$365K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,450.7	+0.042%	$159K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,449.1	−0.065%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,453.4	+0.229%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,449.9	−0.013%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,449.7	−0.026%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,449.5	−0.038%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,449.7	−0.028%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,449.8	−0.017%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,448.9	−0.081%	$4.6M	$1.3M	10x	as long as short
Kraken Futures PF_ZECUSDshort	+0.0278%	1h	1,449.8	−0.019%	$18.0M	$44.9M	25x
Deribit ZEC_USDC-PERPETUAL	+0.0338%	1h	1,450.8	+0.049%	$609K	$1.3M	25x	as long as short
Lighter ZEC	+0.0352%	1h	1,451.4	+0.088%	$19.1M	$45.9M	20x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,451.2	+0.076%	$921K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0440%	1h	1,451.7	+0.112%	$2.0M	$6.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,452.4	+0.157%	$3.8M	$9.0M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,451	+0.062%	$738K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0668%	1h	1,449.5	−0.042%	$44K	$49K	10x	as long as short