Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.008%

Price spread now: HTX against Phoenix−0.169%72s7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.360% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.689%−$69 on $10k

Price spread, last 4 days (all we have)+0.408%+$41 · spread now −0.169%, 7d avg −0.115%

Together, before fees−0.281%−$28 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 HTX is 0.054% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.115%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,448.9	0.0123	pay 0.0015% / 1h	45m 50s	$4.6M	$1.3M	10x
Short	HTX ZEC-USDT	1,446.5	0.0100	get 0.0100% / 8h	4h 45m	$2.6M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.169%Rate

Funding earned: −$4.89
Price spread: −0.169% → −0.115%: −$5.44
Slippage, 4 orders: −$17.01
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$46.34
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; HTX: live order book, 3 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, 3 min ago	2.00 bp	7.0 bp −$7	15.6 bp −$156	112.3 bp −$11.2K	doesn't fit
Sell HTX live order book, 3 min ago	4.18 bp	11.8 bp −$12	17.4 bp −$174	35.8 bp −$3,581	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	−0.3166%	1h	1,448	−0.066%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,447.5	−0.101%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0072%	8h	1,447.3	−0.108%	$29.2M	$70.4M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,447	−0.134%	$407K	$40K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,447.9	−0.070%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,447.4	−0.103%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,447.3	−0.110%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0058%	8h	1,448.1	−0.059%	$290K	$958K	20x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,448.1	−0.056%	$8K	$7K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0064% / S −0.0015%	1h	1,447.1	−0.125%	$407K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,447.8	−0.079%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,447.5	−0.099%	$10K	$874K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,448.1	−0.056%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,447.8	−0.078%	$2.5M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,450.9	+0.138%	$754.5M	$434.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,448.6	−0.021%	$14.4M	$27.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,448	−0.063%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,450.5	+0.110%	$665.8M	$2.22B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,449.4	+0.031%	$261.2M	$602.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,450.2	+0.087%	$177.1M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,445.7	−0.222%	$394K	$442K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,449.4	+0.036%	$876K	$23K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,449.6	+0.046%	$50.1M	$172.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,449.3	+0.029%	$215.7M	$768.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,449.4	+0.036%	$102.0M	$54.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,450	+0.075%	$164.6M	$273.9M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,449.5	+0.040%	—	$100.9M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,449.2	+0.018%	$2.5M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,447.3	−0.109%	$47.4M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,446.4	−0.170%	$563K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,447.7	−0.083%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,446.8	−0.149%	$402K	$920K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,447.7	−0.084%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,447.3	−0.111%	$364K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,447.3	−0.112%	$159K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,446.9	−0.136%	$442K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,450	+0.076%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,448.2	−0.052%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDTshort	+0.0100%	8h	1,446.5	−0.169%	$2.6M	$18.2M	75x
Phemex ZECUSDT	+0.0100%	8h	1,447.8	−0.075%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,449.2	+0.017%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,448	−0.063%	$47K	$151K	20x	as long as short
Phoenix ZEClong	+0.0123%	1h	1,448.9	long leg	$4.6M	$1.3M	10x
Kraken Futures PF_ZECUSD	+0.0279%	1h	1,448.2	−0.046%	$17.9M	$44.9M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0323%	1h	1,448.7	−0.014%	$608K	$1.3M	25x	as long as short
Lighter ZEC	+0.0344%	1h	1,451.5	+0.182%	$19.1M	$45.9M	20x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,448.4	−0.036%	$920K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0440%	1h	1,451.5	+0.179%	$2.0M	$6.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,449.6	+0.048%	$3.8M	$9.0M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,449.8	+0.062%	$738K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0670%	1h	1,448.3	−0.045%	$44K	$49K	10x	as long as short