Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.034%

Price spread now: Kalshi against Phoenix+0.476%7-day average −0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs+$16as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.485%−$49 on $10k

Price spread, last 7 days−0.698%−$70 · spread now +0.476%, 7d avg −0.097%

Together, before fees−1.183%−$118 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.573% dearer against Phoenix than usual: you sell high and buy low (spread +0.476% now, against its 7-day average of −0.097%): +$57 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 7 days (−0.485% in total) that is about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,507.5	0.0092	pay 0.0012% / 1h	14m 31s	$4.8M	$1.3M	10x
Short	Kalshi KXZECPERP	1,514.6	0	get 0.0000% / 8h	6h 14m	$1.7M	$4.6M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.476%Rate

Funding earned: −$19.35
Price spread: +0.476% → −0.097%: $57.32
Slippage, 4 orders: −$24.01
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.04
Costs to cover: 0.410%
Break-even: from the start

Slippage from Phoenix: live order book, 4 min ago; Kalshi: live order book, 4 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, 4 min ago	2.26 bp	7.4 bp −$7	17.0 bp −$170	121.1 bp −$12.1K	doesn't fit
Sell Kalshi live order book, 4 min ago	8.09 bp	13.1 bp −$13	18.8 bp −$188	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 PERP	−0.3243%	1h	1,488.7	−1.247%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0140%	8h	1,511	+0.232%	$30.2M	$74.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,511.6	+0.274%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,513.9	+0.426%	$421K	$36K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,514.6	+0.476%	$1.7M	$4.6M	2.2x
Perpl ZEC	0.0000%	43m	1,510	+0.168%	$86K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,511.4	+0.264%	$717K	$1.4M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,511	+0.233%	$5.4M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0065%	8h	1,511	+0.233%	$300K	$984K	20x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,513.8	+0.420%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEClong	+0.0092%	1h	1,507.5	long leg	$4.8M	$1.3M	10x
Popdex ZECUSDT	+0.0096%	1h	1,511	+0.235%	$146K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,510.3	+0.190%	$2.9M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,512	+0.299%	$790.4M	$435.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,511.9	+0.292%	$14.7M	$29.2M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,514.3	+0.454%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,512	+0.299%	$701.4M	$2.24B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,510.8	+0.223%	$277.3M	$617.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,510.5	+0.204%	$181.8M	$1.30B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,520.5	+0.865%	$411K	$494K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,479.3	−1.869%	$894K	$15K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,514.1	+0.443%	$54.6M	$179.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,514.1	+0.439%	$228.3M	$777.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,513.3	+0.389%	$104.0M	$55.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,510.4	+0.195%	$163.7M	$281.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,512.8	+0.356%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,519.3	+0.784%	$49.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,510.2	+0.181%	$577K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,505.9	−0.101%	$3.1M	$462K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,513	+0.368%	$419K	$928K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,511.6	+0.277%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,510.5	+0.202%	$369K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,511.5	+0.269%	$166K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,510.4	+0.198%	$461K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,512.1	+0.307%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,510.1	+0.176%	$250K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,512.1	+0.305%	$2.6M	$19.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,510.6	+0.207%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,514.5	+0.464%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,512.1	+0.306%	$14K	$847K	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0104% / S −0.0075%	1h	1,510.9	+0.227%	$406K	—	100x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,514.1	+0.438%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,511	+0.232%	$46K	$153K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0142%	1h	1,509.9	+0.162%	$18.4M	$46.0M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,513.4	+0.393%	$945K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0192%	1h	1,515.4	+0.527%	$2.1M	$7.3M	10x	as long as short
Lighter ZEC	+0.0224%	1h	1,515.7	+0.546%	$19.8M	$45.4M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0452%	1h	1,511.2	+0.246%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,512.4	+0.328%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,513.5	+0.402%	$607K	$8.4M	10x	as long as short
Aftermath Perps ZECUSD	+0.0562%	1h	1,501.3	−0.408%	$51K	$60K	10x	as long as short