Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC+0.0464%/8h= +50.8% APRpaid last 24h +0.099%

Price spread now: Coinbase International against Perpl+0.262%7-day average +0.186% · you sell dearer than you buy

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

Long on Perpl Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 4 days (all we have)+0.291%+$29 · spread now +0.262%, 7d avg +0.186%

Together, before fees+0.406%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Coinbase International is 0.076% dearer against Perpl than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.186%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.115% in total (about 6.0% 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	Perpl ZEC	1,454.4	0	get 0.0000% / 43m	28m 51s	$83K	$240K	10x
Short	Coinbase International ZEC-PERP-INTX	1,458.2	0.0464	get 0.0058% / 1h	31m 51s	$3.8M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.262%Rate

Funding earned: $97.44
Price spread: +0.262% → +0.186%: $7.61
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $81.25
Costs to cover: 0.238%
Break-even: 1.2 days

Slippage unknown: Perpl: no order-book sample; Coinbase International: 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 Perpl no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 2 min ago	1.51 bp	12.2 bp −$12	16.5 bp −$165	46.9 bp −$4,692	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	−0.3042%	1h	1,453.9	−0.032%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.9	+0.035%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,455	+0.043%	$29.5M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,455	+0.045%	$410K	$36K	5x	as long as short
Perpl ZEClong	0.0000%	43m	1,454.4	long leg	$83K	$240K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,454.4	+0.002%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,454.9	+0.039%	$291K	$944K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0082% / S −0.0033%	1h	1,454.4	+0.005%	$433K	—	100x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,456.6	+0.153%	$2.1M	$7.0M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,453.9	−0.029%	$174K	$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-USD	+0.0100%	8h	1,454.1	−0.018%	$13K	$821K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,454.4	+0.002%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,454.3	−0.004%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,456	+0.113%	$14.5M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,455.5	+0.078%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,456.4	+0.139%	$670.0M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,456	+0.115%	$261.4M	$599.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,456.5	+0.150%	$178.6M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,455.7	+0.093%	$395K	$434K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,453.9	−0.033%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,456.1	+0.120%	$51.1M	$171.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,455.8	+0.102%	$218.5M	$769.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,455.6	+0.085%	$102.6M	$53.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,456.6	+0.152%	$165.7M	$270.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,456.1	+0.122%	—	$105.5M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,450.8	−0.245%	$47.6M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,451.5	−0.196%	$565K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,452.6	−0.123%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,454.2	−0.009%	$402K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,453.2	−0.080%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,454.2	−0.010%	$352K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,454.5	+0.008%	$160K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,453.6	−0.050%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,457.5	+0.215%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,455	+0.045%	$233K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,454.1	−0.018%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,455.1	+0.054%	$3.8M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,455.7	+0.093%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,454.6	+0.018%	$47K	$151K	20x	as long as short
Kalshi KXZECPERP	+0.0108%	8h	1,455.7	+0.091%	$1.5M	$4.4M	2.2x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,454.6	+0.020%	$8K	$7K	5x	as long as short
Phoenix ZEC	+0.0116%	1h	1,454.3	−0.005%	$4.6M	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0125%	1h	1,455.5	+0.078%	$2.4M	$3.8M	15x	as long as short
Hyperliquid ZEC	+0.0132%	1h	1,456.6	+0.155%	$758.3M	$425.9M	10x	as long as short
Lighter ZEC	+0.0160%	1h	1,456.4	+0.143%	$19.2M	$44.9M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0209%	1h	1,455.4	+0.073%	$614K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,454.1	−0.016%	$919K	$1.1M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0333%	1h	1,454.8	+0.030%	$18.0M	$45.3M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,456	+0.116%	$698K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0464%	1h	1,458.2	+0.262%	$3.8M	$9.1M	50x
Aftermath Perps ZECUSD	+0.0670%	1h	1,453.9	−0.029%	$44K	$49K	10x	as long as short