Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Deribit against Phemex−0.015%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$520.515% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)+0.045%+$4 · spread now −0.015%, 7d avg +0.039%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.054% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,502.9	0.0100	pay 0.0100% / 8h	2h 18m	$4.0M	$4.9M	50x
Short	Deribit ZEC_USDC-PERPETUAL	1,502.6	0	get 0.0000% / 1h	18m 26s	$713K	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$21
Price spread: −0.015% → +0.039%: −$5.44
Slippage, 4 orders: −$32.52
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$77.96
Costs to cover: 0.515%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 1 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	6.79 bp	16.4 bp −$16	31.7 bp −$317	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	3.05 bp	6.6 bp −$7	14.6 bp −$146	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	1,478	−1.657%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0152%	8h	1,501.8	−0.069%	$30.2M	$73.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,505.2	+0.153%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,505.5	+0.175%	$418K	$36K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,510	+0.477%	$1.7M	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,506.3	+0.231%	$86K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUALshort	0.0000%	1h	1,502.6	−0.015%	$713K	$1.4M	25x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,507.6	+0.314%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0065%	8h	1,507.7	+0.321%	$305K	$900K	20x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,506.4	+0.234%	$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
Phoenix ZEC	+0.0092%	1h	1,496	−0.458%	$4.8M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,505.7	+0.188%	$142K	$1.7M	50x	as long as short
Bybit ZECUSDT	+0.0098%	8h	1,507.5	+0.306%	$273.6M	$609.6M	75x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,506.2	+0.225%	$62K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,507.3	+0.295%	$2.9M	$6.4M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,508.9	+0.402%	$788.7M	$431.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,508	+0.339%	$14.8M	$29.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,506.2	+0.220%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,507.6	+0.314%	$699.4M	$2.22B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,507.7	+0.319%	$181.5M	$1.28B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,502.6	−0.017%	$403K	$488K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,479.3	−1.569%	$894K	$15K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,508.1	+0.347%	$54.8M	$176.9M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,507.4	+0.299%	$227.9M	$772.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,508.7	+0.391%	$106.1M	$54.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,508.9	+0.404%	$169.6M	$273.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,507.7	+0.321%	—	$113.0M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,494.7	−0.545%	$48.9M	$32.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,492.9	−0.660%	$562K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,481.5	−1.423%	$3.0M	$462K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,481.5	−1.423%	$410K	$927K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,506.5	+0.240%	$53K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,506.9	+0.269%	$371K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,507.5	+0.309%	$166K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,501.3	−0.106%	$458K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,504.4	+0.100%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,502.3	−0.035%	$248K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,501.1	−0.119%	$2.6M	$19.3M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,502.9	long leg	$4.0M	$4.9M	50x
Katana Perps ZEC-USD	+0.0100%	8h	1,506.3	+0.231%	$13K	$847K	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0102% / S −0.0074%	1h	1,507.5	+0.309%	$402K	—	100x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,505.3	+0.160%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,502.3	−0.037%	$46K	$153K	20x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,508	+0.340%	$2.2M	$7.2M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0143%	1h	1,502.2	−0.047%	$18.3M	$45.9M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,505.6	+0.184%	$946K	$1.1M	10x	as long as short
Lighter ZEC	+0.0200%	1h	1,508.1	+0.347%	$19.8M	$44.7M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0451%	1h	1,504.5	+0.108%	$2.4M	$3.7M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,504.8	+0.128%	$3.7M	$9.8M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,505.5	+0.175%	$616K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0658%	1h	1,490.9	−0.795%	$50K	$60K	10x	as long as short