Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h −0.026%

Price spread now: Bitget against Phoenix+0.099%7-day average −0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

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

costs, in and out, $10k−$300.304% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.659%−$66 on $10k

Price spread, last 7 days−0.255%−$26 · spread now +0.099%, 7d avg −0.137%

Together, before fees−0.915%−$91 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bitget is 0.236% dearer against Phoenix than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.137%. Mind the row above: over the last 7 days funding on this pair cost −0.659%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,471.2	0.0070	pay 0.0009% / 1h	32m 53s	$4.7M	$1.5M	10x
Short	Bitget ZECUSDT	1,472.7	0.0100	get 0.0100% / 8h	6h 32m	$163.5M	$285.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.099%Rate

Funding earned: $6.26
Price spread: +0.099% → −0.137%: $23.59
Slippage, 4 orders: −$11.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$0.59
Costs to cover: 0.304%
Break-even: 7.7 days

Slippage from Phoenix: live order book, 6 min ago; Bitget: live order book, 1 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 Phoenix live order book, 6 min ago	2.24 bp	7.4 bp −$7	18.1 bp −$181	157.2 bp −$15.7K	doesn't fit
Sell Bitget live order book, 1 min ago	0.31 bp	7.4 bp −$7	11.5 bp −$115	doesn't fit	doesn't fit

ZEC on 50 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	−0.3678%	1h	1,471.7	+0.036%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.1	+0.062%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0041%	1h	1,469.9	−0.088%	$399K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,472.6	+0.093%	$18.0M	$43.6M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,471	−0.015%	$414K	$56K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,471.6	+0.028%	$974K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472	+0.054%	$84K	$258K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.3	+0.075%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0027%	8h	1,472.4	+0.084%	$294K	$1.1M	20x	as long as short
Variational Omni ZEC	+0.0033%	8h	1,470.4	−0.053%	$47.9M	$33.3M	—	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,472.4	+0.079%	$385K	—	100x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,472.4	+0.083%	$8K	$9K	5x	as long as short
Phoenix ZEClong	+0.0070%	1h	1,471.2	long leg	$4.7M	$1.5M	10x
OKX ZEC-USDT-SWAP	+0.0092%	8h	1,473.7	+0.169%	$181.4M	$1.28B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,471.6	+0.027%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,471.3	+0.010%	$16K	$839K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,471.7	+0.035%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,472	+0.052%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.2	+0.135%	$766.5M	$443.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.5	+0.086%	$14.9M	$31.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,471.9	+0.049%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,473.5	+0.153%	$680.6M	$2.35B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,473.1	+0.131%	$271.8M	$626.9M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.5	−0.049%	$893K	$19K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,473.2	+0.136%	$50.0M	$175.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.8	+0.108%	$216.9M	$797.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.6	+0.094%	$103.6M	$56.2M	75x	as long as short
Bitget ZECUSDTshort	+0.0100%	8h	1,472.7	+0.099%	$163.5M	$285.7M	75x
BingX ZEC-USDT	+0.0100%	8h	1,472.9	+0.118%	—	$100.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,471.3	+0.004%	$572K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,472.9	+0.116%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,471.9	+0.046%	$428K	$907K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.9	+0.045%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.1	+0.061%	$339K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.4	+0.082%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,471	−0.015%	$458K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,474	+0.192%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.5	+0.087%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,472.4	+0.082%	$2.5M	$19.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,472.6	+0.095%	$3.9M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.5	+0.085%	$3.1M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.1	+0.061%	$48K	$167K	20x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,473	+0.124%	$687K	$8.7M	10x	as long as short
Lighter ZEC	+0.0256%	1h	1,473.9	+0.181%	$19.2M	$48.1M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0287%	1h	1,473.2	+0.137%	$606K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0296%	1h	1,474.1	+0.197%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,472.4	+0.082%	$864K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,473.8	+0.176%	$3.6M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0508%	1h	1,472.8	+0.107%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0726%	1h	1,471.9	+0.044%	$44K	$46K	10x	as long as short