Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.3189%/8h= −349.2% APRpaid last 24h −0.466%

Price spread now: Injective against Phemex+0.069%7-day average +0.057% · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.191%−$219 on $10k

Price spread, last 3 days (all we have)+0.217%+$22 · spread now +0.069%, 7d avg +0.057%

Together, before fees−1.974%−$197 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.057%, so right now this pair is about funding alone: −$96 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.191% in total (about -114.2% 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	1,474.8	0.0100	pay 0.0100% / 8h	53m 11s	$3.9M	$5.3M	50x
Short	Injective ZEC/USDC PERP	1,475.9	−0.3089	pay 0.0386% / 1h	53m 11s	$34K	$275K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.069%Rate

Funding earned: −$669.65
Price spread: +0.069% → +0.057%: $1.25
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$680.42
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Injective: live order book, 26 min ago. 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, 6 min ago	3.26 bp	16.7 bp −$17	25.5 bp −$255	doesn't fit	doesn't fit
Sell Injective live order book, 26 min ago	64.22 bp	doesn't fit	doesn't fit	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 PERPshort	−0.3089%	1h	1,475.9	+0.069%	$34K	$275K	12x
ApeX Omni ZECUSDT	−0.0365%	1h	1,474	−0.055%	$432K	$827K	50x	as long as short
Ondo Perps ZEC-USD.P	−0.0326%	1h	1,473.5	−0.091%	$400K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0224%	1h	1,474.6	−0.015%	$18.0M	$44.6M	25x	as long as short
BloFin ZEC-USDT	−0.0111%	8h	1,474.5	−0.022%	$29.5M	$75.7M	75x	as long as short
Bybit ZECUSDT	−0.0085%	8h	1,473.5	−0.090%	$273.5M	$661.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.2	−0.046%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0037%	8h	1,473.4	−0.097%	$47.0M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475	+0.010%	$415K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,476.4	+0.108%	$901K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZEC	0.0000%	43m	1,474	−0.056%	$84K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,474.9	+0.005%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0010%	8h	1,474.7	−0.009%	$295K	$1.4M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0019%	1h	1,475.5	+0.041%	$615K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0024%	1h	1,475.6	+0.052%	$4.7M	$1.6M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0038% / S +0.0009%	1h	1,474.8	−0.004%	$366K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0039%	8h	1,474.3	−0.039%	$180.6M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0044%	8h	1,474.5	−0.024%	$50.5M	$183.9M	75x	as long as short
01 Exchange ZECUSD	+0.0048%	1h	1,474.6	−0.016%	$8K	$8K	5x	as long as short
SoDEX ZEC-USD	+0.0065%	1h	1,474.5	−0.026%	$227K	$4.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.7	−0.007%	$176K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,475.3	+0.028%	$12K	$828K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474	−0.055%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,474.6	−0.017%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,475.9	+0.072%	$766.0M	$473.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,474.6	−0.015%	$15.6M	$32.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.2	+0.023%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.4	−0.030%	$682.2M	$2.47B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,475.5	+0.048%	$714K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471.1	−0.252%	$908K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,474.5	−0.024%	$222.7M	$829.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,475	+0.008%	$104.3M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.6	−0.016%	$162.9M	$303.3M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,473.9	−0.065%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,474.3	−0.037%	$513K	$9.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,475.5	+0.047%	$3.0M	$466K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,475.4	+0.035%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.6	−0.016%	$348K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.4	−0.030%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473	−0.124%	$449K	$503K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,477.1	+0.153%	$3K	$1.2M	20x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473.2	−0.112%	$2.5M	$23.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,474.8	long leg	$3.9M	$5.3M	50x
Extended ZEC-USD	+0.0104%	1h	1,475	+0.009%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.5	−0.025%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,475.3	+0.034%	$836K	$1.2M	10x	as long as short
Lighter ZEC	+0.0144%	1h	1,476.2	+0.095%	$19.1M	$52.1M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,476.8	+0.134%	$3.8M	$11.0M	50x	as long as short
Lighter RH ZEC	+0.0504%	1h	1,476.7	+0.126%	$2.0M	$8.2M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0552%	1h	1,475.6	+0.050%	$2.4M	$3.7M	15x	as long as short
Aftermath Perps ZECUSD	+0.0628%	1h	1,474.7	−0.012%	$46K	$47K	10x	as long as short