Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h +0.023%

Price spread now: Phoenix against Phemex−0.064%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.064%, 7d avg +0.066%

Together, before fees+0.451%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.130% cheaper against Phemex than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.066%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.488%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,462.3	0.0100	pay 0.0100% / 8h	1h 37m	$3.8M	$5.4M	50x
Short	Phoenix ZEC	1,461.4	0.0075	get 0.0009% / 1h	37m 21s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$5.16
Price spread: −0.064% → +0.066%: −$13.04
Slippage, 4 orders: −$31.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.82
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Phoenix: 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, 1 min ago	3.73 bp	18.3 bp −$18	33.3 bp −$333	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.78 bp	6.6 bp −$7	15.0 bp −$150	54.4 bp −$5,441	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	−0.3310%	1h	1,462.2	−0.005%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0405%	1h	1,462.1	−0.012%	$17.8M	$44.8M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0225%	1h	1,466	+0.253%	$398K	$520K	5x	as long as short
BloFin ZEC-USDT	−0.0088%	8h	1,462.7	+0.024%	$29.1M	$75.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,460.4	−0.131%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0050%	8h	1,461.5	−0.052%	$270.7M	$673.7M	75x	as long as short
Variational Omni ZEC	−0.0026%	8h	1,465.3	+0.202%	$46.6M	$34.0M	—	as long as short
ApeX Omni ZECUSDT	−0.0024%	1h	1,463.5	+0.081%	$430K	$820K	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L −0.0017% / S +0.0093%	1h	1,462.7	+0.030%	$541K	—	100x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,461.6	−0.047%	$412K	$106K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXZECPERP	0.0000%	8h	1,463	+0.048%	$885K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,462	−0.019%	$83K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462.4	+0.010%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0014%	8h	1,461.8	−0.034%	$291K	$1.5M	20x	as long as short
Bulk ZEC-USD	+0.0030%	1h	1,466	+0.254%	$905K	$27K	10x	as long as short
Gate ZEC_USDT	+0.0047%	8h	1,462.4	+0.008%	$49.9M	$184.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0047%	8h	1,461.8	−0.031%	$175.7M	$1.35B	50x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,462.5	+0.016%	$8K	$8K	5x	as long as short
Phoenix ZECshort	+0.0075%	1h	1,461.4	−0.064%	$4.6M	$1.6M	10x
Deribit ZEC_USDC-PERPETUAL	+0.0096%	1h	1,462.9	+0.039%	$595K	$1.3M	25x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,462.4	+0.008%	$14K	$862K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,462.7	+0.027%	$18.9M	$52.5M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,461.8	−0.037%	$173K	$1.9M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,461	−0.088%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,461.6	−0.045%	$2.5M	$6.9M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,462.9	+0.041%	$758.2M	$484.8M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,462	−0.021%	$15.6M	$33.3M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461.6	−0.045%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,462.3	−0.003%	$673.7M	$2.50B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,462.4	+0.005%	$221.6M	$859.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,461.8	−0.037%	$103.5M	$56.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,462	−0.020%	$161.7M	$306.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,461.4	−0.065%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,463.4	+0.073%	$509K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,462.3	+0.002%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,462.9	+0.044%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462	−0.021%	$343K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,462.3	+0.001%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,460.4	−0.131%	$446K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,463.9	+0.112%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,461.8	−0.035%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,460	−0.155%	$2.5M	$24.1M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,462.3	long leg	$3.8M	$5.4M	50x
Extended ZEC-USD	+0.0104%	1h	1,462.3	+0.001%	$3.2M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,462.3	+0.001%	$36K	$367K	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,462.2	−0.009%	$841K	$1.7M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0203%	1h	1,462.4	+0.010%	$2.3M	$3.9M	15x	as long as short
Lighter RH ZEC	+0.0368%	1h	1,462.5	+0.012%	$2.0M	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,462.6	+0.020%	$3.7M	$11.6M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,463	+0.050%	$744K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0536%	1h	1,464.6	+0.158%	$40K	$34K	10x	as long as short