Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.036%

Price spread now: Bullet against Perpl−0.035%7-day average +0.051% · you buy dearer than you sell

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

Long on Perpl Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.187%+$19 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now −0.035%, 7d avg +0.051%

Together, before fees+0.188%+ Points / potential airdropPerpl: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.085% cheaper against Perpl than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.051%). If the spread goes back, that is −$9 on $10k: about 2.8 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.187% in total) that is about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ZEC	1,448	0	get 0.0000% / 43m	21m 24s	$82K	$401K	10x
Short	Bullet ZEC-USD	1,447.5	0.0100	get 0.0013% / 1h	34m 24s	$126K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Perpl. 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 PerplbpFee BulletbpOrdersPrice spread, now −0.035%Rate

Funding earned: $21
Price spread: −0.035% → +0.051%: −$8.5
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$9.3
Costs to cover: 0.218%
Break-even: 10.1 days

Slippage unknown: Perpl: no order-book sample; Bullet: live order book, 54 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 Perpl no order-book sample	—	—	—	—	—
Sell Bullet live order book, 54 min ago	0.34 bp	5.8 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit

Perpl: 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	−0.3476%	1h	1,438.5	−0.655%	$33K	$275K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,448.8	+0.057%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0072%	1h	1,449.2	+0.079%	$17.6M	$44.4M	25x	as long as short
BloFin ZEC-USDT	−0.0066%	8h	1,450	+0.140%	$28.8M	$74.7M	75x	as long as short
Variational Omni ZEC	−0.0009%	8h	1,449.1	+0.076%	$45.6M	$32.2M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,448	+0.003%	$408K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,449.8	+0.125%	$897K	$5.6M	2.2x	as long as short
Perpl ZEClong	0.0000%	43m	1,448	long leg	$82K	$401K	10x
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,449.9	+0.132%	$590K	$1.3M	25x	as long as short
Bybit ZECUSDT	+0.0004%	8h	1,447.4	−0.040%	$267.8M	$674.7M	75x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,447.8	−0.015%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0014%	8h	1,449.3	+0.092%	$291K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0030% / S +0.0070%	1h	1,447.6	−0.031%	$542K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0054%	8h	1,447.7	−0.023%	$171.6M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0070%	8h	1,448.7	+0.045%	$49.0M	$187.0M	75x	as long as short
Aster ZECUSDT	+0.0075%	8h	1,448	−0.003%	$15.2M	$34.7M	75x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,448.5	+0.036%	$8K	$8K	5x	as long as short
Ondo Perps ZEC-USD.P	+0.0093%	1h	1,448.2	+0.014%	$394K	$518K	5x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,448.1	+0.007%	$13K	$871K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,449.5	+0.103%	$18.7M	$54.3M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,447.9	−0.005%	$177K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,448.6	+0.042%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,448.7	+0.046%	$3.0M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,448.1	+0.007%	$749.1M	$491.2M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,448.9	+0.061%	$1.6M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,447.9	−0.007%	$658.9M	$2.53B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,452.5	+0.311%	$895K	$33K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,447.6	−0.030%	$219.7M	$889.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,448.1	+0.006%	$103.4M	$56.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,447.6	−0.029%	$160.9M	$312.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,447.9	−0.009%	—	$6.8M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,450	+0.135%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,450.9	+0.201%	$487K	$9.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,450.3	+0.156%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,451.4	+0.235%	$706K	$607K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,450.2	+0.153%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,447.6	−0.028%	$297K	$2.0M	10x	as long as short
Bullet ZEC-USDshort	+0.0100%	1h	1,447.5	−0.035%	$126K	$161K	20x
Derive ZEC-PERP	+0.0100%	1h	1,447.9	−0.005%	$440K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,451.5	+0.238%	$4K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,449.4	+0.099%	$220K	$4.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,449.6	+0.113%	$2.4M	$24.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,449.9	+0.132%	$3.7M	$5.3M	50x	as long as short
Phoenix ZEC	+0.0103%	1h	1,452.3	+0.299%	$4.6M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,448.7	+0.046%	$3.2M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,449.5	+0.105%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,448.8	+0.057%	$865K	$1.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,452.2	+0.291%	$3.7M	$11.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0444%	1h	1,451.1	+0.216%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,450.6	+0.177%	$756K	$7.9M	10x	as long as short
Lighter RH ZEC	+0.0736%	1h	1,450.6	+0.181%	$1.9M	$8.4M	10x	as long as short