Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0172%/8h= −18.9% APRpaid last 24h −0.013%

Price spread now: GMX against Phemex−0.082%7-day average +0.002% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$8 on $10k

Price spread, last 3 days (all we have)−0.175%−$18 · spread now −0.082%, 7d avg +0.002%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and GMX is 0.084% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,458.3	0.0100	pay 0.0100% / 8h	2h 27m	$3.8M	$5.4M	50x
Short	GMX ZEC/USD [WBTC.b-USDC]	1,457.1	L +0.0026% / S +0.0072%	pay 0.0009% / 1h	27m 14s	$547K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$36.16
Price spread: −0.082% → +0.002%: −$8.39
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$68.55
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; 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 Phemex live order book, 2 min ago	5.25 bp	18.2 bp −$18	31.8 bp −$318	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.3476%	1h	1,433.1	−1.726%	$33K	$275K	12x	as long as short
BloFin ZEC-USDT	−0.0085%	8h	1,458	−0.022%	$28.8M	$75.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,458.5	+0.010%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,457.7	−0.045%	$17.7M	$44.7M	25x	as long as short
Variational Omni ZEC	−0.0001%	8h	1,443	−1.047%	$45.4M	$32.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,457.8	−0.033%	$411K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,460	+0.118%	$917K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,457.3	−0.068%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,458.4	+0.007%	$593K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,457.7	−0.040%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0011%	8h	1,458	−0.020%	$268.3M	$675.8M	75x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,457.7	−0.040%	$292K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]short	L +0.0026% / S +0.0072%	1h	1,457.1	−0.082%	$547K	—	100x
OKX ZEC-USDT-SWAP	+0.0058%	8h	1,458.4	+0.003%	$172.9M	$1.36B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,457.4	−0.063%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0078%	8h	1,458.2	−0.008%	$49.4M	$189.9M	75x	as long as short
Aster ZECUSDT	+0.0090%	8h	1,458	−0.020%	$15.4M	$34.6M	75x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,456.7	−0.109%	$13K	$872K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,459.5	+0.084%	$18.8M	$54.5M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,457.1	−0.083%	$173K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,458.5	+0.012%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,457.3	−0.070%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,458.7	+0.027%	$753.9M	$496.8M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,458.1	−0.012%	$1.6M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,458.4	+0.005%	$664.8M	$2.53B	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,441.6	−1.146%	$392K	$516K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,445	−0.912%	$890K	$32K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,458.4	+0.005%	$217.7M	$894.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,458.3	−0.002%	$103.4M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,458.2	−0.008%	$161.3M	$313.3M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,457.2	−0.077%	—	$6.8M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,458.6	+0.023%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,444.1	−0.974%	$485K	$9.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,445.8	−0.860%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,445.6	−0.869%	$702K	$608K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.1	−0.152%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,457	−0.090%	$351K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457	−0.088%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,456.3	−0.137%	$443K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.4	+0.073%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,457.9	−0.027%	$221K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,458.4	+0.007%	$2.4M	$25.0M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,458.3	long leg	$3.8M	$5.4M	50x
Phoenix ZEC	+0.0103%	1h	1,452.1	−0.429%	$4.5M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,457.9	−0.027%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,457.7	−0.039%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,458	−0.020%	$870K	$1.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,459.2	+0.061%	$3.7M	$11.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0454%	1h	1,452.1	−0.424%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,459.6	+0.086%	$746K	$8.0M	10x	as long as short
Lighter RH ZEC	+0.0680%	1h	1,460.2	+0.130%	$2.0M	$8.5M	10x	as long as short