Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.061%

Price spread now: Kraken Futures against Phemex−0.027%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$630.627% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.239%−$24 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.027%, 7d avg +0.004%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.031% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,516.7	0.0100	pay 0.0100% / 8h	7h 47m	$4.1M	$4.9M	50x
Short	Kraken Futures PF_ZECUSD	1,516.3	0.0019	get 0.0002% / 1h	47m 14s	$18.4M	$47.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$17.09
Price spread: −0.027% → +0.004%: −$3.09
Slippage, 4 orders: −$40.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$82.84
Costs to cover: 0.627%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 2 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, 2 min ago	4.32 bp	16.0 bp −$16	24.7 bp −$247	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	2.47 bp	9.9 bp −$10	13.7 bp −$137	20.9 bp −$2,090	184.4 bp −$92.2K

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	−0.3702%	1h	1,494.3	−1.478%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,515.5	−0.078%	$62K	$305K	10x	as long as short
BloFin ZEC-USDT	−0.0155%	8h	1,516.5	−0.015%	$31.6M	$77.2M	75x	as long as short
Aftermath Perps ZECUSD	−0.0134%	1h	1,516.4	−0.023%	$48K	$59K	10x	as long as short
Bulk ZEC-USD	−0.0101%	1h	1,517.9	+0.078%	$781K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,517.7	+0.064%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,516.5	−0.014%	$421K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,517.5	+0.051%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,516.3	−0.027%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSDshort	+0.0019%	1h	1,516.3	−0.027%	$18.4M	$47.7M	25x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZECUSDT	+0.0019%	1h	1,516.5	−0.013%	$416K	$951K	50x	as long as short
01 Exchange ZECUSD	+0.0024%	1h	1,517	+0.016%	$8K	$6K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0067%	1h	1,516.6	−0.005%	$693K	$1.4M	25x	as long as short
Phoenix ZEC	+0.0082%	1h	1,518.9	+0.140%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,515.9	−0.053%	$306K	$861K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,517	+0.019%	$19.6M	$44.7M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,517.4	+0.044%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,517	+0.016%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,516.8	+0.005%	$63K	$19K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,516.7	−0.002%	$16K	$900K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,517	+0.020%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,517.8	+0.071%	$794.9M	$448.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,516.3	−0.030%	$14.2M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,517.6	+0.058%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,516.7	−0.001%	$716.9M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,515.7	−0.069%	$272.5M	$629.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,515.5	−0.080%	$186.0M	$1.39B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,516.4	−0.021%	$413K	$548K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,517.5	+0.054%	$596K	$9.0M	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,516.7	−0.003%	$60.4M	$183.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,517	+0.019%	$409.1M	$829.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,516.7	+0.001%	$103.6M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,516	−0.047%	$163.6M	$294.8M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,516.2	−0.033%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,517.7	+0.066%	$50.1M	$35.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,518.8	+0.134%	$556K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,516.2	−0.034%	$3.1M	$530K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,519.3	+0.170%	$51K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,517.6	+0.058%	$377K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,517	+0.017%	$170K	$194K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,516.9	+0.011%	$453K	$408K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,519	+0.150%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,515.9	−0.055%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,516.7	−0.001%	$2.7M	$21.3M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,516.7	long leg	$4.1M	$4.9M	50x
Extended ZEC-USD	+0.0104%	1h	1,515.7	−0.070%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,515.6	−0.073%	$43K	$150K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0155% / S −0.0157%	1h	1,518.5	+0.116%	$337K	—	100x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,516.3	−0.025%	$967K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,518.6	+0.125%	$3.8M	$10.0M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0554%	1h	1,518.3	+0.101%	$2.4M	$3.8M	15x	as long as short