Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0364%/8h= +39.9% APRpaid last 24h +0.074%

Price spread now: Coinbase International against Phemex+0.173%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$620.620% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.173%, 7d avg +0.100%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.073% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.100%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.077% in total (about 4.0% 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	Phemex ZECUSDT	1,457.1	0.0100	pay 0.0100% / 8h	3h 58m	$3.8M	$5.1M	50x
Short	Coinbase International ZEC-PERP-INTX	1,459.7	0.0464	get 0.0058% / 1h	58m 32s	$3.8M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.173%Rate

Funding earned: $76.44
Price spread: +0.173% → +0.100%: $7.32
Slippage, 4 orders: −$40.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $21.74
Costs to cover: 0.620%
Break-even: 5.0 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 6 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, 5 min ago	2.12 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 6 min ago	2.19 bp	13.8 bp −$14	16.4 bp −$164	43.3 bp −$4,329	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	−0.3042%	1h	1,459.7	+0.174%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,455.6	−0.104%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,456.6	−0.036%	$29.5M	$70.8M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,455.6	−0.104%	$410K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,461	+0.265%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,457.5	+0.025%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,457.3	+0.014%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,457.3	+0.010%	$291K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0071% / S −0.0023%	1h	1,457.4	+0.017%	$409K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,455.3	−0.130%	$173K	$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	1,455.6	−0.109%	$10K	$858K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,455.5	−0.112%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,459.4	+0.152%	$2.9M	$6.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,457	−0.010%	$758.0M	$431.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,455.6	−0.106%	$14.8M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,455.6	−0.109%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,455.2	−0.130%	$668.5M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,454.7	−0.168%	$261.2M	$602.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,455	−0.145%	$177.9M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,458	+0.059%	$396K	$442K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.5	+0.027%	$880K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,455.1	−0.139%	$50.5M	$169.8M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,455.4	−0.120%	$214.2M	$763.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,455.3	−0.130%	$102.7M	$54.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,455.6	−0.104%	$165.5M	$271.0M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,455.6	−0.107%	—	$105.6M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,457.6	+0.032%	$47.8M	$32.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,457.9	+0.055%	$567K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,459.1	+0.135%	$3.0M	$451K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,459.1	+0.133%	$405K	$942K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,459.7	+0.178%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,457.6	+0.032%	$354K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457.6	+0.033%	$161K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,456.1	−0.069%	$445K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,460.4	+0.224%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,456.9	−0.017%	$233K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,457	−0.010%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,457.1	long leg	$3.8M	$5.1M	50x
Extended ZEC-USD	+0.0104%	1h	1,455.3	−0.127%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,457.2	+0.004%	$47K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,455.4	−0.119%	$8K	$7K	5x	as long as short
Phoenix ZEC	+0.0123%	1h	1,458.7	+0.106%	$4.6M	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0187%	1h	1,457.9	+0.051%	$615K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0200%	1h	1,456.6	−0.036%	$2.1M	$6.9M	10x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,455.3	−0.126%	$921K	$1.1M	10x	as long as short
Lighter ZEC	+0.0232%	1h	1,456.7	−0.029%	$19.2M	$44.6M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0234%	1h	1,456.8	−0.024%	$2.4M	$3.9M	15x	as long as short
Kraken Futures PF_ZECUSD	+0.0333%	1h	1,456.8	−0.024%	$18.0M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,457.3	+0.014%	$681K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0464%	1h	1,459.7	+0.173%	$3.8M	$9.1M	50x
Aftermath Perps ZECUSD	+0.0673%	1h	1,458.5	+0.093%	$45K	$49K	10x	as long as short