Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: Extended against Phemex−0.005%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.627%−$63 · spread now −0.005%, 7d avg −0.038%

Together, before fees−0.540%+ Points / potential airdropExtended: Active · farm board−$54 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.033% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,448.3	0.0100	pay 0.0100% / 8h	4h 50m	$3.8M	$5.1M	50x
Short	Extended ZEC-USD	1,448.2	0.0104	get 0.0013% / 1h	50m 11s	$2.8M	$7.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.005%Rate

Funding earned: $0.84
Price spread: −0.005% → −0.038%: $3.32
Slippage, 4 orders: −$28.47
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$41.32
Costs to cover: 0.455%
Break-even: 351.3 days

Slippage from Phemex: live order book, 4 min ago; Extended: live order book, 4 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, 4 min ago	3.41 bp	15.7 bp −$16	28.9 bp −$289	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.57 bp	6.5 bp −$6	16.5 bp −$165	63.9 bp −$6,385	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	−0.3166%	1h	1,449.6	+0.089%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,448.7	+0.026%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,447.1	−0.085%	$29.2M	$70.3M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,448.2	−0.010%	$408K	$40K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,446.4	−0.128%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,448.6	+0.023%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,448.9	+0.041%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0058%	8h	1,448.3	+0.002%	$290K	$958K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0064% / S −0.0014%	1h	1,448.8	+0.037%	$407K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,448.1	−0.014%	$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	1,448.3	−0.003%	$172K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,447.8	−0.035%	$10K	$874K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,449.2	+0.066%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,447.7	−0.040%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,449.4	+0.077%	$753.9M	$434.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,448.4	+0.008%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,448.7	+0.028%	$1.6M	$2.5M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,448.2	−0.007%	$664.2M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,447.5	−0.052%	$261.4M	$602.6M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,448	−0.018%	$177.0M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,448.7	+0.028%	$394K	$443K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,449.4	+0.079%	$876K	$23K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,449	+0.046%	$49.9M	$172.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,448	−0.017%	$214.6M	$767.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,448.2	−0.006%	$101.9M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,448.6	+0.019%	$163.2M	$273.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,448.4	+0.008%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,448.2	−0.008%	$2.5M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,447.2	−0.079%	$47.4M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,449.2	+0.066%	$564K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,448.8	+0.034%	$3.0M	$424K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,448.4	+0.008%	$407K	$913K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,447.9	−0.028%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,448	−0.020%	$365K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,448.5	+0.015%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,447.4	−0.062%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,451.3	+0.210%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,448.1	−0.015%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,447.5	−0.056%	$2.6M	$18.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,448.3	long leg	$3.8M	$5.1M	50x
Extended ZEC-USDshort	+0.0104%	1h	1,448.2	−0.005%	$2.8M	$7.7M	10x
Aevo ZEC-PERP	+0.0104%	1h	1,448	−0.023%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,450.6	+0.160%	$4.6M	$1.3M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0279%	1h	1,447.9	−0.029%	$17.9M	$44.8M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0324%	1h	1,449.2	+0.062%	$608K	$1.3M	25x	as long as short
Lighter ZEC	+0.0368%	1h	1,449.6	+0.090%	$19.0M	$45.8M	20x	as long as short
Lighter RH ZEC	+0.0384%	1h	1,449.8	+0.103%	$2.0M	$6.9M	10x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,448.5	+0.014%	$829K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,450.3	+0.137%	$3.7M	$8.9M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,450	+0.119%	$730K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0680%	1h	1,449.7	+0.098%	$44K	$49K	10x	as long as short