Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.016%

Price spread now: GMX against Perpl+0.039%7-day average +0.088% · you sell dearer than you buy

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

Long on Perpl Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.081%+$8 on $10k

Price spread, last 4 days (all we have)+0.357%+$36 · spread now +0.039%, 7d avg +0.088%

Together, before fees+0.437%+ Points / potential airdropPerpl: Active · farm board+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.049% cheaper against Perpl than usual: you would sell low and buy high (spread +0.039% now, against its 7-day average of +0.088%). If the spread goes back, that is −$5 on $10k: about 9.0 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.081% in total) that is about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ZEC	1,456.1	0	get 0.0000% / 43m	42m 01s	$83K	$240K	10x
Short	GMX ZEC/USD [WBTC.b-USDC]	1,456.6	L +0.0067% / S −0.0018%	get 0.0002% / 1h	28m 01s	$409K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.039%Rate

Funding earned: $3.79
Price spread: +0.039% → +0.088%: −$4.88
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$26.89
Costs to cover: 0.258%
Break-even: 56.7 days

Slippage unknown: Perpl: no order-book sample; GMX: 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 Perpl no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Perpl and GMX: 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	1,457.3	+0.084%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,456.1	+0.004%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0067%	8h	1,456.4	+0.023%	$29.3M	$70.9M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,454.7	−0.094%	$410K	$38K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,456.2	+0.006%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEClong	0.0000%	43m	1,456.1	long leg	$83K	$240K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,456.6	+0.034%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0062%	8h	1,456.2	+0.007%	$291K	$956K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]short	L +0.0067% / S −0.0018%	1h	1,456.6	+0.039%	$409K	—	100x
01 Exchange ZECUSD	+0.0080%	1h	1,455.7	−0.025%	$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	1,455.6	−0.035%	$174K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,455.3	−0.050%	$11K	$859K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,456	−0.006%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,457.4	+0.089%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,457.1	+0.071%	$757.4M	$432.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,456.4	+0.022%	$14.5M	$27.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,455.6	−0.030%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,456.6	+0.037%	$669.3M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,456	−0.007%	$262.8M	$600.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,456.5	+0.031%	$177.9M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,457	+0.065%	$395K	$441K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,454	−0.144%	$877K	$29K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,456.1	+0.001%	$50.3M	$174.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,456.3	+0.018%	$215.0M	$772.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,456.9	+0.057%	$102.6M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,456.5	+0.029%	$165.8M	$271.2M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,456.3	+0.019%	—	$103.4M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,456.3	+0.016%	$2.4M	$3.9M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,455	−0.072%	$47.6M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,455.6	−0.035%	$567K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.2	+0.010%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,454.8	−0.084%	$405K	$926K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.4	+0.022%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,456.6	+0.037%	$366K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457.1	+0.071%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,455.2	−0.057%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.5	+0.236%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,456.1	+0.001%	$233K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,455.3	−0.054%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,456.4	+0.020%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,456.1	+0.002%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,456	−0.003%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,455.9	−0.010%	$4.6M	$1.3M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0277%	1h	1,456	−0.005%	$18.0M	$45.0M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0287%	1h	1,457	+0.068%	$609K	$1.3M	25x	as long as short
Lighter ZEC	+0.0304%	1h	1,457.2	+0.075%	$19.2M	$45.9M	20x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,455.7	−0.024%	$921K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,458.8	+0.189%	$3.8M	$9.0M	50x	as long as short
Lighter RH ZEC	+0.0480%	1h	1,457.5	+0.095%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,456.9	+0.057%	$695K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0676%	1h	1,455.6	−0.030%	$45K	$49K	10x	as long as short