Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h +0.019%

Price spread now: Backpack against Phemex+0.036%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 4 days (all we have)−0.342%−$34 · spread now +0.036%, 7d avg −0.026%

Together, before fees−0.507%−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.062% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.026%. Mind the row above: over the last 7 days funding on this pair cost −0.165%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,464.7	0.0100	pay 0.0100% / 8h	2h 41m	$3.9M	$4.8M	50x
Short	Backpack ZEC_USDC_PERP	1,465.2	0.0285	get 0.0036% / 1h	41m 47s	$2.4M	$3.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.036%Rate

Funding earned: $38.78
Price spread: +0.036% → −0.026%: $6.21
Slippage, 4 orders: −$25.56
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.57
Costs to cover: 0.476%
Break-even: 7.5 days

Slippage from Phemex: live order book, 2 min ago; Backpack: live order book, 2 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 Phemex live order book, 2 min ago	2.87 bp	16.7 bp −$17	27.9 bp −$279	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.03 bp	5.6 bp −$6	12.7 bp −$127	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	−0.3243%	1h	1,463.2	−0.104%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,463.6	−0.071%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0068%	8h	1,464.7	0.000%	$29.9M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,463.7	−0.069%	$407K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,465	+0.021%	$1.5M	$4.4M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,464.1	−0.042%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,465	+0.018%	$5.2M	—	150x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0016%	1h	1,465.5	+0.053%	$617K	$1.3M	25x	as long as short
01 Exchange ZECUSD	+0.0040%	1h	1,463.8	−0.060%	$8K	$7K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0062%	8h	1,464.7	+0.002%	$293K	$902K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0090%	8h	1,464.4	−0.017%	$261.3M	$588.4M	75x	as long as short
Phoenix ZEC	+0.0092%	1h	1,464.1	−0.040%	$4.7M	$1.3M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0095% / S −0.0048%	1h	1,464.7	−0.001%	$437K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,463.7	−0.066%	$174K	$1.6M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,463.3	−0.098%	$13K	$811K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,463.4	−0.090%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,464.4	−0.021%	$2.9M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,466.1	+0.097%	$763.1M	$419.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,464.5	−0.009%	$14.4M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,463.7	−0.069%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.7	0.000%	$675.7M	$2.16B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,464.7	−0.001%	$178.3M	$1.20B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,462.5	−0.149%	$397K	$429K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,462.7	−0.137%	$884K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,464.4	−0.022%	$52.7M	$170.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,464.7	0.000%	$218.3M	$759.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,464.8	+0.010%	$103.3M	$52.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,465.1	+0.030%	$165.9M	$267.0M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,464.5	−0.012%	—	$107.8M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,462.5	−0.148%	$48.0M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,464.4	−0.020%	$571K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,463.1	−0.107%	$3.0M	$467K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,463.4	−0.089%	$405K	$924K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,462.8	−0.126%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,464.4	−0.019%	$359K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,464.6	−0.009%	$161K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,463.8	−0.062%	$447K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,465.6	+0.062%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,464.5	−0.015%	$234K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,463.7	−0.066%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,464.7	long leg	$3.9M	$4.8M	50x
Lighter RH ZEC	+0.0104%	1h	1,465.9	+0.084%	$2.1M	$7.1M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,464.6	−0.006%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,464.5	−0.012%	$47K	$151K	20x	as long as short
Lighter ZEC	+0.0112%	1h	1,465.7	+0.073%	$19.4M	$43.8M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0147%	1h	1,464.3	−0.024%	$18.0M	$45.6M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,464.1	−0.042%	$926K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0285%	1h	1,465.2	+0.036%	$2.4M	$3.7M	15x
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,466.1	+0.096%	$3.7M	$9.2M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,465.4	+0.047%	$669K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0675%	1h	1,465.4	+0.046%	$45K	$49K	10x	as long as short